Mixed outlook as bulls and bears clash near 0.8380

• Overall, EUR/GBP is consolidating sideways with no clear trend.
• The RSI suggests increasing selling pressure, while the MACD indicates decreasing buying pressure in the near term.
• Bulls failed to defend the 20-day SMA, which worsened the outlook

EUR/GBP is trading around 0.8380, consolidating sideways and not being a clear trend. Additionally, the cross has lost its 20-day simple moving average (SMA), which may have a downside leg.

Technical indicators show that the bulls are retreating. The Relative Strength Index (RSI) is at 46 in negative territory and is declining, indicating increased selling pressure. The Moving Average Convergence Divergence (MACD) shows a declining green histogram, suggesting a decrease in buying pressure.

Bullish pressure may prevail if the price can break above the 0.8400 resistance level and hold firmly above the 20-day simple moving average (SMA). If this happens, EUR/GBP could rise to 0.8450 or even 0.8500. On the other hand, a break below the 0.8320 support level could lead to further declines below 0.8300.

EUR/GBP daily chart