The bearish outlook for the EUR/GBP pair is still prevalent, as indicated by the RSI below 50 and the MACD with decreasing red bars. However, there seems to be a slight reprieve in the selling pressure, with bears taking a breather after a 1% loss in August.
Despite this brief respite, the technical outlook for the EUR/GBP pair remains mixed, with the RSI sitting at around 44 in negative territory and a mildly neutral slope. The MACD also shows decreasing red bars, suggesting a flattening of bearish momentum.
The pair is currently consolidating above the 0.8400 level, which is serving as immediate support following the sharp declines in August. Resistance is seen at 0.8440, and a break above this level could potentially lead to further gains towards 0.8450 and 0.8470.
Traders are advised to closely monitor the technical indicators and key levels for any potential shifts in market sentiment. The bearish outlook remains dominant, but a break above the resistance level could signal a reversal in the trend.
In conclusion, the EUR/GBP pair is currently facing a mixed technical outlook, with bearish signals still prevalent but selling pressure showing signs of easing. Traders should remain vigilant and monitor key levels closely for any potential changes in market direction.
