We’re still continuing down in cable in the Sep channel and the retail sales number have put the kibosh on a data related bounce.

GBP/USD Daily chart 23 10 2014

GBP/USD Daily chart 23 10 2014

in the middle of the trend we have a couple of levels worth noting if you want to play around in the middle. The August 2009 resistance line is still worth a trade against with a stop just above 1.62, and 1.5950 is also a decent point for a tight long with a stop around 1.5920/25 (or just below 1.5900 if you want to stretch that far). A decent break below 1.5900 targets the Nov 2013 low at 1.5850/55, just ahead of the channel bottom at 1.5840. That’s two levels to park a long against and a break there will bring the 61.8 fib of the Jul 2013/14 lo/hi at 1.5720 into focus.

GBP/USD Monthly chart 23 10 2014

GBP/USD Monthly chart 23 10 2014

1.6000 is holding support for now and a second hold may give some sort of bounce but it doesn’t look strong enough to me. There’s plenty of decent levels to wait for if you’re patient and the trend is still down so it might be wise to make that a feature in your bias.