Although the GBPUSD went as low as 1.2580 today the fact that we are holding above the 1.2600 level tells us how important this level of support is for the end of the week.
The GBPJPY is moving lower within a descending wedge as we surpass the 127% extension of the Feb lows to March highs.
The GBPJPY (aka the Guppy) is closing in on some key support at the 127% Fibonacci extension of the February lows to highs and the 261% extension of the last rally at the 138.90-139.40 level.
We are not sure if the upper end of the 1.9000-1.9550 channel will be broken, but it is a risk this time around as the GBP is starting to look constructive against other pairs as well.
The EURGBP is about to trigger a double top pattern as we test the 88% retracement on the daily chart.