Sellers are pushing further, eyeing further declines below 0.8450

• EUR/GBP maintains its downtrend, targeting support at 0.8450.
• RSI and MACD indicators suggest increasing bearish momentum.
• Buyers need to defend the 0.8400-0.8450 range to avoid the decline.

In Tuesday’s session, EUR/GBP extended its losses by 0.30% to 0.8440, reflecting a dominant view of sellers. The pair extended their losing streak to six consecutive sessions. Technical indicators continue to align with the bearish trend, suggesting further lows below 0.8450.

The Relative Strength Index (RSI), an indicator that measures market momentum, retreated to 40, indicating a reduction in buying pressure. Moving Average Convergence Divergence (MACD), displays rising red bars, signaling an increase in bearish momentum. This convergence of indicators indicates a likely continuation of the downward trend.

With indicators heading towards oversold conditions, the pair could see a slight upward correction, but the outlook has turned bearish at least in the short term. For the next few sessions, moves will be determined by whether the cross supports the 0.8400-0.8450 zone.

EUR/GBP daily chart