The bearish outlook persists, the pair continues to trade sideways

• A bearish outlook remains, with RSI below 50 and MACD.
• Selling pressure is decreasing, indicated by the falling red MACD bars.

In Tuesday’s session, EUR/GBP rose slightly to 0.8440 and shows that the technical outlook remains mixed. Bears appear to be taking a breather after falling more than 1% in August, but the overall technical outlook still points to a bear market.

The Relative Strength Index (RSI) remains in negative territory around 44 with a slightly neutral slope, signaling a bearish flattening moment. The Moving Average Convergence Divergence (MACD) is showing falling red bars, further strengthening the bearish flattening pull.

EUR/GBP continues to consolidate above 0.8400, which serves as immediate support after August’s sharp declines. Resistance is found at 0.8440 and a break above this level could lead to further gains towards 0.8450 and 0.8470.

EUR/GBP daily chart