On a larger scheme of things, the cross appears on track to test 0.80 levels, which is the leg D of cypher pattern. The rebound from point C and a possible rise to point D was pointed out 11 days ago in a post titled - EUR/GBP - possible Cypher set up ahead of June referendum
Intraday outlook
Failure to sustain above 0.7850 (50% of 0.8769-0.6931) followed by a break below daily low of 0.7843 would open doors for a drop to 0.78 handle (also daily 200-MA level).
On the higher side, 0.80 remains a strong resistance and potential reversal zone as pointed out by Cypher.
Intraday outlook
Failure to sustain above 0.7850 (50% of 0.8769-0.6931) followed by a break below daily low of 0.7843 would open doors for a drop to 0.78 handle (also daily 200-MA level).
On the higher side, 0.80 remains a strong resistance and potential reversal zone as pointed out by Cypher.