FxWirePro: Cable rangebound, close above channel base at 1.5160 could trigger bulls short-term

Cable saw sharp upside rejections on Mon & Fri which could indicate short-term downtrend

• GBP/USD has been in a sideways mode, trading between 1.5160 and 1.5840 since May 2015
   
• Daily price action is well below the cloud and major moving averages, however stochs at oversold should be seen as a caution
   
• Close above channel base at 1.5160 could trigger the bulls, 1.5280 could be the next target in sight
   
• GBP/USD is currently trading at 1.5172, with support at 1.5160 (channel base) and resistance at 1.5197 (Daily Tenkan)
   
• Focus now shifts to US trade balance figures and the speech by FOMC's Williams due later today

Resistance Levels:

R1: 1.5197 (Daily Tenkan)
R2: 1.5200 (Psychological Level)
R3: 1.5245 (Daily High Oct 5)

Support Levels:

S1: 1.5141 (Daily Low Oct 6)
S2: 1.5130 (Daily Lows Oct 2/5)
S3: 1.5107 (Daily Lows Sep 30/Oct 1)