EURGBP - Correction or Reversal?

So I have been following the latest phase of the EURGBP uptrend since late January, and managed to get in long @ 0.7515.

My original view, which I am still subscribing to was to TP @ .8150, however the sharp south bound price action over the last two trading sessions after hitting a high of 0.8097 has left me a little concerned. Clearly there was always going to be a fair bit of resistance around the magic round number of 81, but the sharpness of the pull back, in conjunction with the recent comments made by the ECB about the current EURUSD highs has me a tad concerned that this little dream run maybe over.

Wondering if anybody else here has been following the pair and if so what are your views opinions?

EG goes in a channel. The bounce on the resistance line has been violent. I see a lot of room before a new uptrend. I will look to load some around 7750, things must be doing as usual after this sell off.

I joined GU too, from my point of view, it is this pair who is responsible for this sharp drop. We will soon bounce on this big line. I couldn t think that gu will cross it. Above this line, it will be like resuming the long term up trend. Fondamentally, it s not possible as US has no space to lower his rate and UK is just beginning. They are in deep trouble accroding to soros.
I will load around 2.0150.

For EU, i wish it will go as low as 1.5140 which is the 50% retracement but 1.55 will be enough i think.

GU will have to drop fast, when EG will bounce on the support line of the channel.

Well, sorry for my poor english, i m french :

just my 2 cent,

hirek

Personally, I would have exited at 0.8097.

Anyways, here is what I see. If the fibs and pitchfork on the hourly continue to be valid, and the euro still weakens, I can see price falling to the 200% fib level which would be in the same area as the 200% fib on the daily chart. On the other hand, if price breaks outside of the pitchfork and can close above the 123% fib, then I see it making it at least back to the 100% fib.

this is what i see currently

price to gun for that target line
http://bp0.blogger.com/_soa35Q8-2NA/.../6blog.eg1.GIF

Here's what I see.

Topped out at 61.8 exp on 4H chart (0.8091) drawn off April 3 low to April 10 high to April 14 low. Also monthly R1 (0.8087) and weekly R1 (0.8089)
Stopped at confluence of 38.2R of move from 26 Feb (0.7876) and 61.8R of move from 24 March (0.7879)
4H coming off oversold. What I would like to see now is a retrace back up to the broken daily trendline, 38.2R , daily lows April 9, 10 & 14 and new weekly pivot all at about 0.7960.
The reaction here will tell us alot about future direction.
Hope this helps.

EURGBP will grow again.

I should think EURGBP will grow slower than at the diagram

I believe EURGBP will be growing for a year or so. Danger of reducing EURGBP stands too much for Mr Trichet

I believe EURGBP will be growing

EURGBP is growing

Soon EURGBP become more than 1 and then become more than 1.2 — 1.3
It will be very soon, in a month or so.

I think there is probability of 99% that EURGBP become more than 1 this year
probability of 90% that EURGBP become more than 1 in 3 monthes
probability of 75% that EURGBP become more than 1 in a month

Soon EURGBP become more than 1

When you want buy or sell EURGBP just have a look at monthly diagram.