GBP/USD Price Analysis: Risks skewed to the downside, key indicators suggest

GBP/USD's daily MACD turns bearish for the first in over a month.
The pair risks falling to key support below 1.29.

Omkar Godbole FXStreet Contributor

The path of least resistance for GBP/USD is to the downside.

The daily chart MACD histogram has crossed below zero for the first time Sept 30, indicating a bullish-to-bearish trend change.

The 5- and 10-day simple moving averages (SMAs) are trending south, indicating a bearish setup.

Further, the 14-day relative strength index is seen below 50, also a price-negative reading.

As such, GBP/USD risks falling to the 100-day simple moving average located at 1.2876. At press time, the pair is trading at 1.2930, representing a 0.12% gain on the day, having breached a trendline rising from Sept.25 and Oct. 16 lows last week.

Daily chart

Trend: Bearish

Technical levels

GBP/USD

Overview
Today last price	1.293
Today Daily Change	-0.0011
Today Daily Change %	-0.09
Today daily open	1.2941

Trends
Daily SMA20	1.2984
Daily SMA50	1.2998
Daily SMA100	1.2875
Daily SMA200	1.2707

Levels
Previous Daily High	1.2988
Previous Daily Low	1.2899
Previous Weekly High	1.308
Previous Weekly Low	1.2881
Previous Monthly High	1.3177
Previous Monthly Low	1.282
Daily Fibonacci 38.2%	1.2954
Daily Fibonacci 61.8%	1.2933
Daily Pivot Point S1	1.2897
Daily Pivot Point S2	1.2854
Daily Pivot Point S3	1.2808
Daily Pivot Point R1	1.2986
Daily Pivot Point R2	1.3031
Daily Pivot Point R3	1.3075

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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