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