EUR/GBP is challenging its strong support at 0.8411. The bounce attempts have thus far been unimpressive despite short-term oversold conditions. A break of the initial resistance at 0.8465 (05/09/2013 high) is needed to improve the short-term technical structure. Another resistance stands at 0.8553 (30/08/2013 high).
As long as prices remain below the resistance at 0.8553 (30/08/2013 high), the technical configuration since the annual high at 0.8815 is viewed as a part of a larger corrective phase which should eventually decline towards the 0.8411-0.8398 (26/04/2013 low) region and possibly even lower.