EUR/GBP declines while bears continue consolidating losses

The EUR/GBP mildly softened to 0.8570, seeing mild losses,
Daily chart indicators signal strong bearish momentum; RSI hints continue standing near overbought conditions while MACD showcases flat red bars.
The bears seem to be taking a breather to consolidate losses.

Patricio Martín FXStreet

In Tuesday's session, the EUR/GBP mildly retreated to the 0.8570 region. The daily and four-hour chart suggests a cooling off of the recent selling momentum, which favors a neutral to a bearish outlook for the short term.

The daily Relative Strength Index (RSI) lies deep in negative territory, while the Moving Average Convergence Divergence (MACD) showcases flat red bars, reinforcing the bearish hold. Additionally, the asset's position under the 20, 100, and 200-day Simple Moving Averages (SMAs) emphasizes the ongoing bearish control, marking a challenging landscape for buyers.

Shifting to the shorter time frame, the four-hour chart dynamics still present the bears in recoup mode. The four-hour Relative Strength Index (RSI) remains in the negative territory, while MACD's flat red bars favor the case of a bearish consolidation. Hence, the short-term bias leans towards further downside, albeit the sellers may pause to catch their breath after the recent run.

Support Levels: 0.8550, 0.8500, 0.8480.
Resistance Levels: 0.8600, 0.8639 (100-day SMA), 0.8700.

EUR/GBP Daily chart

EUR/GBP

Overview
Today last price	0.8572
Today Daily Change	-0.0005
Today Daily Change %	-0.06
Today daily open	0.8577

Trends
Daily SMA20	0.8691
Daily SMA50	0.8683
Daily SMA100	0.864
Daily SMA200	0.8675

Levels
Previous Daily High	0.8586
Previous Daily Low	0.8559
Previous Weekly High	0.8688
Previous Weekly Low	0.856
Previous Monthly High	0.8766
Previous Monthly Low	0.8614
Daily Fibonacci 38.2%	0.8575
Daily Fibonacci 61.8%	0.8569
Daily Pivot Point S1	0.8562
Daily Pivot Point S2	0.8547
Daily Pivot Point S3	0.8535
Daily Pivot Point R1	0.8589
Daily Pivot Point R2	0.8601
Daily Pivot Point R3	0.8616

Author

Patricio Martín

FXStreet

Patricio is an economist from Argentina passionate about global finance and understanding the daily movements of the markets.

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