- 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
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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
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