Since the beginning of the year the currency pair gained over 4.0% although last week fell almost 0.9% and is in a warning phase since early September. Last week the EURGBP initially tried to rise but found enough selling pressure near the 10-week moving average to trim all its gains and closed in the red, near the low of the day, although the currency pair managed to close within the previous week range, which suggests being slightly on the bearish side of neutral. The stochastic crossed above the oversold zone and is showing a bullish momentum although is still below the 50 mid line. Expecting a downward move to a Fibonacci retracement at 0.8687 on a break below last week low at 0.8875 (scenario 1) however a bounce from the Fibonacci retracement at 0.8687could set in motion a bull run up to a weekly resistance at 0.9002 (scenario 2).