Lateral consolidation as technical indicators neutralize

• EUR/GBP is consolidating sideways between 0.8410 and 0.8450.
• The RSI is flat at 43 while the MACD is also neutral with the red MACD bars falling.
• The pair could break out of this range if volume increases.

In Monday’s session, EUR/GBP fell slightly to 0.8440, facing a mixed technical outlook with flat indicators in negative territory.

The Relative Strength Index (RSI) remains in negative territory around 43 with a flat level, signaling bearish momentum. The Moving Average Convergence Divergence (MACD) prints flat red bars, further strengthening the bearish flattening pull. Additionally, volumes have been falling over the past few sessions.

After sharp downward moves in August, EUR/GBP is consolidating above the 0.8400 level. The pair found support at 0.8410 and resistance at 0.8450. If the pair breaks out of this range, it could move to the next support level at 0.8380 or the next resistance level at 0.8460.

EUR/GBP daily chart