EUR/GBP: pullback extends

The EURGBP has extended its pullback beyond my expectations. I have to admit that I still have problems deciding which cycle I should refer as ‘trend’ on the 4h timeframe, the bearish trend channel or the upswing with the higher highs and higher lows which is marked by the fibo retracement scale on the attached chart.

The pair may post a double bottom here but there is no trendline break on the 1h timeframe yet. The current downleg breached the 61.8% fibo level of the prior upwave therefore it suggest a failed double bottom here with scope to test the channel support near 0.8300.

Contrary to this it will be a partial pullback having a short term double bottom with 0.8460 first target.

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