EUR/GBP Price Analysis: Consolidating sideways as technical indicators neutralize

The EUR/GBP pair is consolidating sideways between 0.8410 and 0.8450.
The RSI is flat at 43, while the MACD is also neutral with the MACD red bars declining.
The pair could break out of this range if the volume picks up.

Patricio Martín FXStreet

In Monday's session, the EUR/GBP pair mildly declined to 0.8440, facing a mixed technical outlook with indicators flat in negative terrain.

The Relative Strength Index (RSI) remains in negative territory, around 43, with a flat, signaling flattening bearish momentum. The Moving Average Convergence Divergence (MACD) prints flat red bars, further reinforcing the flattening bearish traction. Additionally, volumes have been decreasing over the last few sessions.

After August's sharp downward movements, the EUR/GBP pair is consolidating above the 0.8400 level. The pair has been finding support at 0.8410 and resistance at 0.8450. If the pair breaks out of this range, it could move to the next support level at 0.8380 or the next resistance level at 0.8460.

EUR/GBP daily chart

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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