EURGBP remains in a descending channel on the weekly chart. The markets has failed to make higher highs. If we look at the daily chart there has been a range between 0.7000 and 0.73910.
The upper range has been tested several times and has proven to be strong resistance, which is an indication that the upside momentum is quite weak. For now the bearish bias remains. The sharp decline from 0.8037 (November 2014) has paused into this recent range but a break below 0.7000 would accelerate a fall in prices and we would see a resumption in the prior downtrend.