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The EUR/GBP pair had a very back-and-forth session on Friday as the markets eventually closed almost unchanged. Recently, we had retested the bottom of an uptrend line for resistance and it did hold. Is because of this that we feel this market will continue to fall overall.
The trend is most certainly down, and but it appears that the 0.78 handle is trying to act as support currently. We need to see the hammer from the Thursday session broken to the downside in order to keep selling, and we do expect to see the sooner or later. Alternately, if we get some type of rally that looks weak overall, we would sell any weakness that prints on the daily chart as well.