Quotes from RBC Capital Markets:
-EUR/GBP has accelerated lower after piercing a triple bottom that coincided with 50% Fibonacci retracement of the 2000-2009 advance at 0.7744. This has caused the cross to reach our downside target at 0.7392.
-We note that a long-term descending channel base at 0.7400 is now in play on the weekly chart. A weekly close below this level would add to bearish price momentum, shifting the focus down to 61.8% Fibonacci retracement at 0.7259 as the next downside target.
-Secondary supports at 0.7108 and 0.6991 would then come into play as additional targets. With a well-established downtrend in place, corrective rallies to resistance at 0.7613 and 0.7744 are viewed as another selling opportunity. Place a stop above 0.7908 for this view.
