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EUR/GBP Pullback to Test Bearish Commitment

The EUR/GBP pair started the path to bearish continuation this week after it broke below a rising trendline coming up from the 2015-low of 0.6909. However the pair failed to clear below 0.70 during the 7/30 and 7/31 session. Instead, it is wrapping up the week with a sharp pullback towards 0.71 as we can see in the 4H chart.

EUR/GBP 4H Chart 7/31
(click to enlarge)

The 4H chart shows a sharp pullback that is till so far within the bearish continuation scenario. The 0.71 psychological level is also a previous resistance pivot. If price closes under 0.71 to end the week, the EUR/GBP should still be pressured next week back towards 0.70 and then the 0.6909 low. 

If price closes above 0.71, we should respect it and look for another bullish correction attempt towards the 0.7220-0.7225, July-highs.