After bouncing up from weekly 200 SMA and 50% FIBO level last week cable also failed to sustain its bullish momentum. The pair failed break its bearish channel and found its resistance at the channel’s upper boundary, 1.6220 level. Meanwhile RSI also bounced back from its down-sloping channel indicating possibility of further bearish developments. Meanwhile on hourly time frame, GBP/USD formed a death cross (crossover of 200SMA and 50 SMA) which is considered to be a strong bearish signal; however the pair could not breach its psychological 1.6000 level, which also happens to be 50% FIBO support level and bounced up. Despite relatively strong support level at 1.6000 level both on daily and hourly timeframes all the moving averages currently indicate further potential bearish development, RSI has bounced up from its oversold zone. Expectations for the upcoming week (Oct 13th – Oct 17th): The pair is trading within the boundaries of its bearish channel, all the moving averages (SMA20, SMA 50 and SMA200) are all above current price levels and all sloping down with aforementioned strongly bearish death-cross moving averages crossover. May we see break below 1.6000 psychological support level the pair will potentially move towards 1.5909 level as its next support level. 1.5909 has been a strong support level since November 2013. Following support levels are 1.5746, which was an important support line in January 2013. Since the market is in consolidation mode, it is recommended to wait for trend confirmation. Resistance levels: 1.6120, 1.6225 and 1.6290 Support levels: 1.6000, 1.5909 and 1.5746 Guest post by Yuri Safronov at Orbex Guest Guest View All Post By Guest Forex News Today: Daily Trading News share Read Next EUR/USD: We Went Long Targeting 1.31; Position For A Yohay Elam 8 years After bouncing up from weekly 200 SMA and 50% FIBO level last week cable also failed to sustain its bullish momentum. The pair failed break its bearish channel and found its resistance at the channel's upper boundary, 1.6220 level. Meanwhile RSI also bounced back from its down-sloping channel indicating possibility of further bearish developments. Meanwhile on hourly time frame, GBP/USD formed a death cross (crossover of 200SMA and 50 SMA) which is considered to be a strong bearish signal; however the pair could not breach its psychological 1.6000 level, which also happens to be 50% FIBO support level and bounced… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.