Excellent bearish bounce on the EUR/GBP

The Euro had been gaining a lot of ground versus the Pound during last week and today we saw that the price reached the 0.8000 round number level and the 200 Exponential Moving Average (blue line) on the daily chart. These have been so far the two main reasons, plus a 76.4% Fibonacci level around the zone, that have kept the price at bay and it is currently showing a bounce to the downside from the 0.8000 area. Just below the 0.7900 we can see the 55 Day EMA (purple line) which could contribute to making the 0.7900 level a good support. Therefore, we must be attentive to a possible visit to the downside to the 0.7900 area.