By | February 06 2011 1:35 PM

EUR/GBP's fall from 0.8671 accelerated to as low as 0.8422 last week and the strong break of 0.8497 support suggests that rebound from 0.8284 is completed. The three wave structure suggests that such rebound is merely a correction. In other words, decline from 0.8940 is not over yet. Initial bias remains on the downside this week for 0.8284/8331 support zone first. Break will target a 0.8067 low again. On the upside, above 0.8509 minor resistance will turn bias neutral and bring consolidations. But risk will remain on the downside as long as 0.8671 resistance holds.