Pair hovers around 0.8330, bearish outlook intact

• The EUR/GBP has steadily declined over the past trading days.
• The RSI and MACD are both suggesting that selling pressure is rising.
• Oversold conditions might prompt an upward correction.

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

The Relative Strength Index (RSI) is suggesting that selling pressure is rising, with the RSI value at 33, in the near oversold area, and a declining slope. The Moving Average Convergence Divergence (MACD) also suggests that selling pressure is rising, with the MACD histogram red and rising. 

EUR/GBP Daily Chart

Based on the current technical picture, the EUR/GBP pair is likely to remain under pressure in the near 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 shouldn’t take off the table an upward correction.