Looks like the legion of GBP bears is not yet finished covering their shorts despite strong technical signals earlier in the week that the tide has turned more favorable for the pound.
Players continue to play catch-up, pushing the pair to fresh trend highs at 1.5637 so far.
EUR/GBP is trying to break out of a consolidation range to the downside. A sustained break of 0.8315 will help the cause. 0.8298 is next support, the 50% retracement of the 0.8069/0.8527 rally.
UPDATED with chart showing 50% retracement in Cable.
