1. GBPJPY
2. GBPCHF
3. GBPAUD
GBPJPY We mentioned last week that The diagonal triangle pattern is a terminal pattern, meaning that it marks the end of a move and subsequent trend reversal. The reversal scenario would be bolstered by a daily close below the support line from the triangle pattern, which is at 223.30 today. The reversal has (is) occurred (occurring). Major tops in GBPJPY typically lead to multi-day declines. So far, we have only had one major down day following the recent top at 225.28. The pair has stalled ahead of support from the 10/30 low at 222.44. A break lower seems likely given the tendency for GBPJPY to extend its declines. The next support area is the 10/17 low at 221.21 and the 9/29 low at 219.91.
GBPCHF The GBPCHF has also declined significantly and has stalled just prior to the 8/15 high at 2.3499. The next bearish target is not until the confluence of the 38.2% fibo of 2.2519-2.3864/10/2 low at 2.3351 but a decline through 2.3499 is required before the picture becomes more bearish. Resistance at the 11/13 high of 2.3729 needs to hold in order for confidence in the downside to remain strong.
GBPAUD The GBPAUD has declined from just below 2.5000 figure to below 2.4600 in the last 3 days (11/14 through 11/16). The theme of stalling in front of support continues in the GBPAUD with the pair currently just above the 11/6 low (pivot low) of 2.4571. A break below still contends with the 200 day SMA at 2.4514. However, the pair may be at the beginning of a larger trend change. Price is currently just below the 11 month trendline (see chart below). A daily close below would suggest additional bearish potential towards the 7/18 low at 2.4241.
