The pair is hovering around 0.8330, bearish outlook intact

• EUR/GBP has been steadily falling in recent trading days.
• The RSI and MACD both suggest that selling pressure is building.
• Oversold conditions could prompt an upward correction.

The EUR/GBP pair has been in a steady decline in recent trading days and fell to 0.8330 on Thursday with losses of 0.30%.

The Relative Strength Index (RSI) suggests that selling pressure is building, with the RSI reading at 33, in the near-oversold zone, and a downward slope. The Moving Average Convergence Divergence (MACD) also suggests that selling pressure is building, with the MACD histogram being red and rising.

EUR/GBP daily chart

Based on the current technical picture, EUR/GBP is likely to remain under pressure in the short term. The bears seem to be in control and the bulls need to break above the 0.8400 resistance level to regain control. If the bears manage to break below the 0.8300 support level, the pair could fall further. However, with indicators flashing oversold signals, traders should not take an upward correction off the table.