The long-term fundamentals haven't changed at all, but current market conditions warrant being careful with shorting the euro when speculative short positions in markets are rising (60k net short as of last Friday). The EUR/GBP may break above the 0.74 handle, which would likely lead to an extension higher over several days, perhaps all the way up to 0.76. At that point, this currency pair would become very interesting as prices would be testing their long-term , which reflects the divergence theme initiated in the Q3 of 2013 (this came from bets on a BoE rate hike).
Conclusion: my gut feeling tells me that it's risky shorting the euro at these levels, but 0.76 may provide a decent opportunity in a couple of weeks. If prices reach the , I will update this idea. A break below 0.72 would increase the potential in September given the failure to break above the 200-DMA .