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The EUR/GBP pair initially trying to break above the 0.80 handle, but failed and formed a shooting star the end of the day. There is quite a bit of support below though, so we aren't necessarily willing to throw a lot of money into the market shorting it presently. Once we are below the 0.79 handle however, we think this becomes a very bearish market.
We do prefer the British pound over the Euro in general, so we are definitely looking for a chance to sell this market. If we do get below the above-mentioned 0.79 handle, this would be back all of the Friday bullishness that we saw and wipe out a massively strong day. This would be enough to get us selling again. As for buying is concerned, we wouldn't do it until we get a daily close above the 0.81 handle.