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The EUR/GBP pair fell during the Friday session, to break down below the 0.78 handle. The pair has been very bearish for quite some time, and we do expect a run down to 0.76 based upon the previous bearish flag. While this pair features two fairly weak economies, the British have the advantage of not using the Euro, and as such this is probably what's driving this pair more than anything else. It's a simple matter of who's worse than the other one.
We see this pair having resistance at the 0.7850 level now, and as such any bounce will be sold in that general vicinity if we see weakness on the short term chart. As for buying, we simply do not have a scenario where we think that happens.