At the moment the EUR/GBP is trading without any changes. The view on the currency pair remains bearish as earlier the EUR/GBP has formed a combination of candlesticks Bearish Engulfing in a downward trend.
This week the EUR/GBP pair is trading up this week after a slight rollback. As mentioned before, successful breakout of the support level near 0.8430-0.8450 targeted the pair to 0.8143.
The downside movement is supported by the fact that this combination of candlesticks was formed near the upper line of the downward trend where the bulls could not solidify, the bears started increasing their influence and the rebound took place.
In addition, the support level breakthrough at 0.8535 proves that this point of view is correct. Now the pair is likely to decline to 0.7750-0.7700.
It is worth pointing out that short positions should be closed in case of breakthrough of Fibonacci correction level 50.0, as it will mean that the downtrend is overcome and the currency pair will target to 0.98.