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The EUR/GBP pair had a negative session for most of the Thursday trading day, but did bounce towards the end in order to form yet another hammer. This is the fourth hammer in a row, and we have push back over the 0.7950 level yet again. For hammers in a row is almost unheard of, and this is a massively supportive sign.
The pair does have the trouble of having the British pound in a doubt, which of course is relatively strong overall. As of this, we think that a move higher will more than likely just go to the 0.8150 level at best, before runs into massive trouble. In other words, we feel that we are going to pop sooner or later but only find more consolidation going forward. This is a pair that features two currencies that are fairly strong right now, so the moves will more than likely be more of a grind and a trend.