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The EUR/GBP pair tried to rally during the session on Monday, but failed and formed a shooting star. Looking at this market, it appears that we are going to possibly have a double top in place. With all the troubles in Europe, and the fact that the central bank in London is willing to hold pat with its monetary policy, it makes sense that this pair should start to fall apart again. However, we have a trend line that needs to be overcome by the sellers in order to get excited.
There are several different reasons to not only Euro right now, and as such is been a little bit of surprise of this pair rose. However, it may simply be a pullback in a longer-term downtrend trade.