GBP/USD Technical Analysis: Bears in control after close below 76.4% Fib

• 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