By the end of the previous week the EUR/GBP closed almost without any changes. As mentioned before, in case the Fibonacci correction level 50.0 is broken short positions should be closed since it will denote that the downtrend is breached and the pair will be targeted to 0.98.
Earlier in a weekly graph the EUR/GBP has formed a candlestick combination Bearish Engulfing on the downtrend.
Downside movement is supported by the fact that this candlestick combination has formed near the upper limit of the downtrend where the bulls did not manage to solidify and the bears started to increase their influence. Further a rebound took place.
As mentioned before, successful breakthrough of the support level near 0.8430-0.8450 targeted the pair to 0.8143.