Quite a few of the major forex pairs have been overextended and the retracements are coming in across the board.
The GBPUSD and GBPJPY were significantly overbought from last week's moves and are not retracing. At the London opening, the GBPUSD pushed up to a high at 1.3618 before falling eighty pips to 1.3538 with more downside action expected as price is currently retracing back to the ATR on the 240-minute chart (around 1.3470). The GBPJPY moved up to a high of 151.50 only to come down to a low of 150.78. A continuation of the downward action is likely as it is also retracing back to the ATR on the 240-minute chart (around 149.00 currently).
With the current weakness on the GBP, the EURGBP is moving up. The EURGBP formed a low at .8778 and will likely make its way up to the ATR on the 240-minute chart (.8850). This particular pair is great for trading OTM binaries because you can get some really cheap binaries by simply going out one strike price. For example, price is currently trading at .8804 and the .8820 strike is available for only $21 in risk with a profit potential of $79 for the 7am expiration.
The AUDUSD is currently retracing back to the ATR on the 240-minute chart, as well. Currently this ATR is at .7980.
Most of the USD pairs (USDCHF, USDCAD, and USDJPY) are moving up, which is typical given that most of the other currencies are weak. The USDCHF does have resistance overhead at .9615 and .9640, which may not be broken until the opening of the US session. On the USDCAD, the only resistance is at 1.2212 and, if this area is broken, then the USDCAD should initially go higher. The USDJPY doesn't have any overhead resistance on the 60 or 240-minute chart so it may continue until it's overbought or divergence appears.