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The EUR/GBP pair rose during the session on Wednesday as the Euro finally got a bit of a bid. However, this may have been more of a reflection on the Pound as the preliminary GDP out of the United Kingdom came in much weaker than expected. The result was Pound selling all across the board.
The pair is obviously in a massive downtrend, and as such we still prefer to sell this market whenever we are involved with it. The current area around the 0.7850 level looks like it's going to start offering resistance, it should be noted that this is where the market stopped area this suggests to us that this bounce is short-term in nature, and as such we are looking for weak candles to sell in this market. We are not interested in buying the Euro under any circumstances.