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The EUR/GBP pair initially rallied during the session on Tuesday in order to test the 0.81 handle again. However, by the end of the day we saw the gains reversed and we formed a shooting star. This looks like we are heading back down towards the 0.7950 level, and as such we think consolidation will continue. The consolidation area is bounded by the 0.81 and 0.7950 handles, and as such we think this is where the market will continue to bounce around. However, it should be stated that the Euro looks weak in general, so we could see continuation to the downside with the right combination of headlines and week fundamental data.