For a 3rd day in a row, yesterday saw demand falter and reverse at a Marabuzo line created on EUR/GBP last Friday. That level currently coincides with the 13 day moving average so the resistance is magnified. Yesterday's upside rejection came from a lower open and so the result was an almost unchanged close.
But despite the indecision that normally highlights, and a failure to hold below .7800,the weakness of the bounce means sentiment is left negative targeting .7798/99 and .7782.