Attached is the updated hourly chart of EURGBP. In the morning, i had marked off the control bar. Now you can see that the price has broken thru the low, which was acting as resistance. Now we need to watch and see if there is an hourly close above this level. We need to see whether the resistance has been broken or not before we initiate any trade.
If the hourly bar closes below the low, then we can short it with small SL. If it closes above, wait for retrace and go long with small SL. Considering the fact that EURGBP has bounced off its lows by about 50 pips, i would be looking for longs for a trip to 0.8800..
