EUR/GBP has risen sharply and is now close to the strong resistance area between 0.8034 and 0.8066 (10/09/2014 high, see also the declining channel). A phase of weakness is likely. Hourly supports now stand at 0.7936 (15/10/2014 low) and 0.7906 (14/10/2014 low).
In the longer term, the underlying downtrend favours a test of the major support area between 0.7755 (23/07/2012 low) and 0.7694 (20/10/2008 low) at minimum. A decisive break of the resistance at 0.8034 (25/06/2014 high) is needed to suggest some exhaustion in the medium-term selling pressures.
