Bulls regain some ground as the pair consolidates

• EUR/GBP consolidates Monday’s sharp downward movements.
• The RSI suggests oversold conditions but the MACD signals a stabilizing selling pressure.
• The pair might side-ways trade in the next sessions as bears might take a breather.

EUR/GBP recovered some lost ground on Tuesday, rising mildly to 0.8330, but the overall technical outlook remains bearish as the pair stands at multi-year lows.

A mild oversold condition is currently seen in the pair according to a reading of 27 for the Relative Strength Index (RSI), suggesting that buyers are starting to take control after Monday’s selloff, and the RSI is gradually increasing. The Moving Average Convergence Divergence (MACD) is flat, suggesting that selling is losing steam.

EUR/GBP daily chart

Based on the current technical picture, the EUR/GBP pair is likely to remain in a consolidation phase in the near term. With the pair in lows since 2022, the bears seem to have already done their part and they might step away to consolidate their movements.

Support levels: 0.8315, 0.8330, 0.8340
Resistance levels: 0.8420, 0.8430, 0.8440