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The EUR/GBP pair continued to fall during the previous week, as the British pound got a boost on Friday. It should be noted however, that the Euro also got a bit on Friday as well. But the overwhelming trend is to the downside in this pair so it makes sense that it fell even as the Euro did relatively well overall during the Friday session.
As we have broken down well below the 0.80 level, we feel that this pair has a way to go and based upon daily flag patterns, we have a projected target of 0.76 at this point in time. We see nothing in this chart does suggest that can happen, it's just a mere 260 pips below, and as such we are willing to hang onto are already short position. We will not buy this market until we see a clear the 0.81 level, as that would show a significant shift in momentum.