Bears ease their grip, buyers remain weak

• Overall bearish outlook remains, RSI and MACD indicate mixed near-term momentum.
• Selling pressure is decreasing, indicated by the falling red MACD bars.
• The 20-day SMA continues to be strong resistance.

In Thursday’s session, EUR/GBP retreated and is holding around 0.8440, presenting a mixed technical outlook. Bears appear to be moderating their short-term bearish pressure, but the overall technical outlook remains bearish.

The Relative Strength Index (RSI) is currently at 44, in negative territory, and is flat-sloping, indicating a gradual return of buying momentum. The MACD (Moving Average Convergence Divergence) histogram displays falling red bars, indicating a decrease in selling pressure. This mixed outlook suggests that buying and selling forces are relatively balanced at the moment.

EUR/GBP daily chart

EUR/GBP has been consolidating in a tight range over the past few trading sessions, hovering between 0.8420 and 0.8450. This consolidation indicates a lack of clear directional bias in the near term. If the pair manages to break the immediate resistance level of 0.8450 (20-day SMA), it could target 0.8460 and 0.8470. Conversely, a break below 0.8420 could open further downside potential below 08400.