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Things are changing and while Gbp (against Usd dollar) is attempting to break higher, the Euro remains under selling pressure, and clearly seen in the Eur/Gbp. Last week the pair reached the proposed level @ the 138.2% of an inverted Fibonacci, and being highly over bought, begin a correction that right now, seems ready to continue to the downside: in 4 hours charts, the pair is under the 38.2% of this last 2 days upside run. with a first support 0.8437, under that level the correction could extend first to 0.8400/10, with next supports at 0.8375 and finally 0.8340, close to the 61.8% of the mentioned rally. If the pair reaches that level, we will have to wait and see if the dominant ascendant trend will be enough to provide a bullish rebound, or if a clear breakthrough will preannounce further falls. If actual candle fails to the downside and manage to close above the 0.8470 level, we could see the pair regain the uptrend, and continue first to 0.8514/20, followed by 0.8552 and finally the zone @ 0.8586.
