The EUR/GBP has rolled back from Fibonacci correction level 50.0. Moreover, by the end of the week, the EUR/GBP formed the combination of candlesticks Bearish Engulfing. It is recommended to close long positions and open short with the target at 0.8090. The stop orders should be set slightly above the Fibonacci correction level 50.0. A breakthrough of the support level of 0.8530 will confirm this viewpoint, moreover, the drop to 0.8090 should be expected.
Earlier on a weekly chart, the EUR/GBP has formed Hammer candlestick, which is the bullish signal. The uprising motion is supported by the fact that this candlestick emerged near the support level of 0.8070, where the bears did not fixate and the bears started to increase their influence and a rollback happened.
This candlestick shows that the pair was declining after the failed attempt to break through the resistance level of 0.9411. Nevertheless, having come closer to 0.8067, the pair reversed.
The fact that the EUR/GBP has breached the Fibonacci correction level 23.6 means confirms this point of view.