Sellers push further, eyeing further declines below 0.8450

• EUR/GBP maintains its downtrend, targetting support at 0.8450.
• RSI and MACD indicators suggest increasing bearish momentum.
• Buyers must defend the 0.8400-0.8450 range to avoid declined.

In Tuesday’s session, the EUR/GBP pair extended its losses,0.30% down to 0.8440, reflecting a dominant outlook by the sellers. The pair has been extending its losing streak to six consecutive sessions. The technical indicators continue to align with the bearish trend, hinting at further declines below 0.8450.

The Relative Strength Index (RSI), an indicator that gauges market momentum has retreated to 40, indicating a waning buying pressure. The Moving Average Convergence Divergence (MACD),  displays rising red bars, signaling an increase in bearish momentum. This convergence of indicators points to a likely continuation of the downtrend.

With indicators marching towards oversold conditions, the pair might see a slight upward correction, but the outlook has turned bearish at least for the short term. For the next sessions, the movements will be determined by whether the cross sustains the 0.8400-0.8450 area.

EUR/GBP Daily chart