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The EUR/GBP pair fell during the session on Wednesday to retest the 0.7875 level as support. Remember, on Tuesday we broke out of an area that had been overly resistive in this pair. During the Wednesday session, we saw the British pound absolutely take off against the US dollar. This suggests that there will be Pound strength overall. Because of this, we think this pair could continue lower, but we will have to break through the 0.78 handle in order to get past all of the support of noise. In the meantime, we do not like shorting the British pound, so therefore we will not buy this market.