Wakeup Call: EURGBP – Bullish above 0.8824

The setback from this week's highs on EURGBP, beyond 0.8900, extended yesterday with initial downside of almost ¾-point. And although a second negative daily performance in succession resulted, the market found fresh investor buying interest near 0.8800, similar levels to Monday, and most of the early losses were recaptured by the close.
Trading in Asian lacked clear signals but it is considered likely that yesterday's sharp reversal of the downside will be the dominant factor. In view of this our call is bullish above 0.8824. The immediate objective is 0.8883, yesterday's top, with a move beyond that point targeting 0.8906 and 0.8926, Wednesday’s open and high.
Selling through 0.8824 is the risk to this call as it signals that selling pressure is greater than currently assessed. The market should then decline to 0.8808, yesterday's low, then this week's base at 0.8792.