EUR/GBP was bought to higher levels for a 3rd day in a row yesterday. This took prices near to the key 13 day moving average without leading to a serious test of that point. More importantly the weakness of the rally was shown by a 2nd consecutive day of little net movement.
This price action reinforces the fact that the underlying tone remains negative and we look for selling pressure, reinforced by a negatively trending Keltner channel, to reassert.
Immediate potential exists to 0.7925 and 0.7914.