Bears ease their grip, buyers still remain weak

• Overall bearish outlook remains, RSI and MACD indicate short-term mixed momentum.
• Selling pressure is declining, indicated by decreasing red MACD bars.
• The 20-day SMA continues to be a strong resistance.

In Thursday’s session, the EUR/GBP retreated and stands flat around 0.8440, showcasing a mixed technical outlook. Bears appear to be moderating their short-term bearish pressure, but the overall technical outlook remains bearish.

The Relative Strength Index (RSI) is currently at 44, within negative territory, and exhibits a flat slope, signifying a gradual recovery in buying momentum. The Moving Average Convergence Divergence (MACD) histogram is displaying decreasing red bars, indicating a decline in selling pressure. This mixed outlook suggests that the buying and selling forces are relatively balanced at the moment.

EUR/GBP daily chart

The EUR/GBP pair has been consolidating within a narrow range for the past few trading sessions, fluctuating between 0.8420 and 0.8450. This consolidation is indicative of a lack of clear directional bias in the near term. If the pair manages to break above the immediate resistance level of 0.8450 (20-day SMA), it could potentially target 0.8460 and 0.8470. Conversely, a break below 0.8420 could open up further downside potential below 08400.