EUR/GBP rose during the Thursday session on a bounce from the 0.86 area. The pair looks very bearish though, and because of the 0.8650 level being so important, we aren’t willing to buy at this point. In fact, we are looking for weakness to sell from. The problems in the EU are simply too far along to consider buying the Euro at the moment. The Pound will suffer as a result of the Euro, and as a result this pair is a contest of two ugly currencies at the moment. The direction is down, but it could be a grind instead of a clean break.