240m of the 2009-nov decline, indicating a short term bottom. This trade is very obvious, short EUR since ECB will be loose forever, and long GBP since they apparently will be raising rates before the end of the year. As with everything that's obvious and apparent to most agents in the market, it's usually mostly embedded into the price. Spikey markets like EURGBP will sooner rather than later burst the s EURGBP trade based on positioning.