EURGBP Violates 0.6542 Support

[topchess]

Hello,

I was looking at the following 1-day chart, and I was aiming to take long just at support 0.6542 multi year low, but I stopped the trade when it violated 0.6542,

The market is very o/s on daily chart, I am trying to pick up a bottom on the cross. But I am cautious now since 0.6542 multi year low gave up and the BoE minutes ahead would support the GBP.

I think I can't just open the trade because RSI is very O/S near term, I will wait for the minutes, or I will be waiting a drop towards 0.6513 next support level to try longs.

I wanted to know how is everyone looking at this cross especially in this very O/S market.

Regards!

[topchess]

It bounced sharply towards 0.6600, I understand that is with regard of UK Pound weakness, and a bounce on daily chart is developing. But I think as long as the multi year range is broken, we could see "Sell on rallies" for the EURGBP. It depends when GBP bears will stop?