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The EUR/GBP pair fell heavily during the session on Tuesday as the Euro lost a little bit of its luster for the trading day. The British pound is still strong fundamentally, so it makes sense of this pair ran into serious resistance in this lofty area. The real question will be how this market chooses to respond to the 0.80 level. This is an area that we need to see hold as support in order to think that this rally has momentum to go higher. If the 0.80 level gives way to the sellers, we think that the market continues the massive downtrend and we revisit the 0.78 handle. On signs of support however, we think that the 0.80 level could kick off another round of buying.