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  • The GBP/USD pair closed below 1.2812 (76.4% Fib R of Aug low/Sept. high) yesterday, bolstering the already bearish setup: downward sloping 5-day and 10-day exponential moving averages (EMAs), RSI below 50.00.
  • Over on the hourly chart, the positive RSI divergence confirmed on Friday failed to yield a notable corrective rally, which indicates the bearish sentiment is quite strong.
  • Further, the falling trendline is still intact and the major EMAs (50,100, and 200) are sloping downwards, indicating the path of least resistance is on the downside.
  • The GBP/USD risks falling further toward 1.2750. A break above1.2858 – the confluence of falling trendline and the 50-hour EMA – would invalidate the bearish setup.

Hourly Chart

Trend: Bearish

GBP/USD

Overview:
       Last Price:  1.2804
       Daily change:  11  pips
       Daily change:  0.0860%
       Daily Open:  1.2793
Trends:
       Daily SMA20:  1.3034
       Daily SMA50:  1.3022
       Daily SMA100:  1.306
       Daily SMA200:  1.3453
Levels:
       Daily High:  1.2854
       Daily Low:  1.2792
       Weekly High:  1.3092
       Weekly Low:  1.2777
       Monthly High:  1.33
       Monthly Low:  1.2786
       Daily Fibonacci 38.2%:  1.2816
       Daily Fibonacci 61.8%:  1.2831
       Daily Pivot Point S1:  1.2772
       Daily Pivot Point S2:  1.2751
       Daily Pivot Point S3:  1.2709
       Daily Pivot Point R1:  1.2834
       Daily Pivot Point R2:  1.2876
       Daily Pivot Point R3:  1.2897