Technical Outlook: GBPJPY, GBPAUD, GBPNZD and GBPCHF

GBPJPY

Although, the GBPJPY failed to close below 164.00 – 163.50 important support-zone during its Wednesday's plunge, the pair couldn't clear the 167.00 immediate resistance and is again inching lower towards mentioned critical downside area, breaking which it can quickly drop to 162.00 and the 159.50 levels. Moreover, sustained downtrend below 159.50 might force the pair to test 156.50 and the 155.00 support levels during its further south-run. Meanwhile, a daily close above 167.00 can trigger its profit booking moves to 169.00 and the 61.8% Fibonacci Retracement of its October 2013 to June 2015 advance, near 170.50. Should the pair manage to surpass 170.50, it becomes capable enough to aim for 175.50 crucial resistance level wherein 173.50 might act as buffer rest while successful break of 175.50, encompassing 50% Fibo, negates the chances of its near-term downside and can fuel the pair to 180.00 round figure mark.

GBPAUD

While four month old descending trend-channel continue favoring GBPAUD downside, the pair seems finding it difficult to break the intermediate downward slanting trend-line and signals extended slide towards 2.0340 support. If the pair dips below 2.0340, the 61.8% FE of its September – December downside, near 2.0120, followed by the channel support of 2.0000 psychological magnet might restrict its further decline. Should the pair fails to respect the 2.000 mark, it can further weaken to 1.9800 – 1.9780 support-zone. Alternatively, 2.0600 is likely an immediate resistance for the pair before it could test the 23.6% Fibo of the said move, near 2.0750, and the descending trend-line resistance of 2.0850. However, 2.1000 and the broader southward facing channel resistance, around 2.1085 – 2.1100, could restrict the pair's further advances beyond 2.0850.

GBPNZD

Even as the 61.8% Fibonacci Retracement of April – August 2015 surge, coupled with the support-line of "falling-wedge" pattern, limited the GBPNZD downside during late-December, the pair seems lacking the strength to surpass resistance-line of the bullish formation, which also accompanies the 50-day SMA. From the current levels, the pair is more likely to test the 2.1850 immediate support before targeting the 2.1700 and the 61.8% Fibo, near 2.1530; however, the technical pattern support, around 2.1150, becomes strong level to limit its consecutive south-run. If at all the pair plunges below 2.1150, the bullish formation gets negated and the prices can drift lower to 2.1000 and the 2.0850 downside marks prior to extending its southward trajectory towards 2.0400 support. On the upside, 50% Fibo, near 2.2250, next to the 2.2400 – 2.2420 important resistance area, including the formation resistance and the 50-day SMA, might continue restricting the pair's near-term up-moves while sustained break of 2.2420 confirms the bullish formation and can fuel the prices to 2.2940-50 area, which includes 100-day SMA and the 38.2% Fibo level. Moreover, pair's accelerated rise beyond 2.2950 can enable it to aim for 2.3280 – 2.3300 resistance region.

GBPCHF

With the short-term descending trend-channel depicting the GBPCHF's reversal from 1.5530-70 area, the pair currently rests near the 61.8% Fibonacci Retracement of its January crash, around 1.4140; however, the mentioned channel's support, near 1.4050, might confine the pair's further decline following 1.4140 break. Should the pair drops below 1.4050, the 1.3970 and the 50% Fibo, near 1.3700, are likely consecutive downside levels that it can go-through before it could test the 1.3600 support, break of which can make the pair vulnerable enough to test 1.3400 mark. On the other hand, 1.4350 and the channel resistance, presently at 1.4500, might as strong nearby resistance to limit the pair's up-move, breaking which 1.4600 and the 200-day SMA, at 1.4800 now, are likely levels that could cap its medium-term advance.

Follow me on twitter to discuss latest markets events @Fx_Anil