The pair extends losses, support 0.8450 to determine the trend

• EUR/GBP continues to be weak, eyeing support at 0.8450.
• The RSI has flattened around 42, indicating weakening selling.
• The MACD shows rising red bars, suggesting continued bearish pressure.

In Monday’s session, EUR/GBP extended its losses, falling further below the 0.8500 to 0.8460 support level.

The daily Relative Strength Index (RSI) fell to 42, indicating a shift in favor of sellers, but its slope flattened. The Moving Average Convergence Divergence (MACD) is printing rising red bars, suggesting bearish pressure is ongoing.

Volume has declined in recent sessions, indicating a lack of conviction among market participants. On the other hand, the pair formed a series of lower lows suggesting that the bears are currently in command, but they seem to be struggling around the 0.8450-08500 zone. In this sense, after four sessions of losses and with momentum flattening, the pair could enter consolidation as sellers take a breather.

EUR/GBP daily chart