- With the RSI below 50 and the MACD also below, the bearish outlook remains.
- The selling pressure is decreasing, which is indicated by the decrease in the red MACD bars.
On Tuesday’s session, the EUR/GBP pair saw a moderate rise to 0.8440, indicating that the technical outlook remains mixed. Although bears seem to be taking a breather after dropping by over 1% in August, the overall technical outlook still points to a bearish market.
The Relative Strength Index (RSI) is sloping gently towards neutral and remaining in the negative territory around 44, indicating weakening bearish momentum, while the Moving Average Convergence Divergence (MACD) is displaying decreasing red bars, further reinforcing the weakening bearish momentum.
The EUR/GBP pair is holding above 0.8400 which is acting as immediate support after the sharp sell-off in August. Resistance is at 0.8440 and a break above this level could signal a further rise towards 0.8450 and 0.8470.
