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The EUR/GBP pair rose during the Monday session in order to retest the former uptrend line that was broken a few sessions ago. The session tried to break out above the line, but wasn’t up to the task. The pair is still extremely bearish for us, and as such we are willing to sell all weak candles, including the four-hour ones as they appear.
The one thing that does concern is about shorting this pair at this moment time however, is the fact that there is a sign of a pullback coming in the British pound versus US dollar pair. With this in mind, we could see continued British pound weakness, but this is probably more indicative of US dollar strength. With this in mind, although there are some things to consider space-space on the whole we are more than willing to sell this pair as it flows with the trend.