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EUR/GBP fell during most of the session on Tuesday, but did bounce in order to form a hammer just above the 0.7950 level. This area is the bottom of a fairly large consolidated area the goes all the way to the 0.8150 level. It also happens to be on top of the recent breakout, and as such the breakout has been confirmed as support now. If we can get above the 0.808 handle, we are more than willing to go long this pair but understand that there will be significant resistance at the 0.8150 level. With this in mind, it becomes more of a short-term buy, and a long-term do nothing.