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. 

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