The bearish outlook persists as the pair flirts with 0.8400

• EUR/GBP bears pushed above 0.8410 on Thursday.
• Indicators remain aligned with the bearish trend.
• Daily RSI is headed for oversold territory.

EUR/GBP extended its losses on Thursday, falling 0.20% to 0.84010. However, the pair remains above the 0.8400 level, which is a key support level, but selling pressure is increasing.

The Relative Strength Index (RSI) is currently at 35 and is falling. This indicates that there is increasing selling pressure. The Moving Average Convergence Divergence (MACD) is printing red bars, which also suggests that bearish momentum is building.

Overall, the technical outlook for the EUR/GBP pair remains negative. The pair is likely to continue to decline in the short term, and if the bears break above the 0.8400 area, the next support is seen at 0.8380. However, if the pair can hold above the 0.8400 level, bearish traction could be lost and with RSI close to 30, there is a chance of an upward correction.

EUR/GBP daily chart