GBPJPY The GBPJPY remains in a corrective decline from 241.54. The decline is in its latter stages but could still test the 61.8% of 217.34-241.54 at 226.64. The pair may have already reversed at todays low of 229.45 (which is the 50% of (217.34-241.56). 228.75 is where the C wave (beginning at 238.21) would equal the A wave (241.54-232.14). This level also coincides with the 4th wave of one lesser degree so support should be strong just below current price.
GBPCHF GBPCHF is at major support the confluence of the 61.8% fibo of 2.3332-2.4765 / former congestion / 11/3 high. As is the case with GBPJPY, the decline from the top is in 3 waves, thus we favor a rally attempt. The 2/27 low at 2.3831 is critical support and needs to hold for the immediate bullish outlook to remain intact. A decline below targets the 78.6% retracement at 2.3639. A rally above 2.4311 instills confidence in bulls.
GBPAUD The GBPAUD story remains the same. That is, the pair is bouncing from the long term supporting trendline. However, a break seems inevitable. The pair closed below the line last week but has rallied this week. The double top just below 2.5500 needs to hold in order to maintain a cautious longer term bearish bias. In the short term, Fibonacci resistance comes in from the 50% of 2.5493-2.4662 at 2.5077 and the 61.8% at 2.5175.