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The EUR/GBP pair had a very bullish session on Tuesday, as it broke through the 0.7850 resistance level. We have now made a higher low, and this does suggest that perhaps momentum is building to the upside. However, it should be noted that we are currently pressing up against a downtrend line, and if this holds we are still going to be bearish.
On a break above the 0.7925 level though, we would have to assume that a bounce to 0.80 was about to happen and buy this market. In the meantime, there are going to be better markets to trade them this one, and as such we aren't overly enthused in either direction.