The EUR/GBP bounces from the 0.7100 level

Yesterday the Euro versus the Pound dropped to the 0.7100 level and it stopped at that round number level. Today we see that the price has bounced from that level to the upside, but the bearish trend is still in place on this pair. We are awaiting a possible breakout of the trendline, which could take the price to the 0.7200 level, but we cannot be so sure about a trend change until the price definitely breaks above the 0.7200 level. A breakout below the 0.7100 level could cause the bearish momentum to accelerate and its next support could be the 0.7000 level.