EURGBP FASLE breakdown?

I think what most traders missed this week about the EURGBP is that the pair actually challenged a slight descending channel support as we hit a new trend low. Daily RSI was divergent suggesting we would bounce and now that we are back above the .8400 level, the risk is for a bounce. From here, a move back above the .8465 level would suggest a move back above the previous support and now 38% Fibonacci retracement which means a move back to the 50dma then 200dma would be a high risk.

Blake Morrow