From price action, we can see that price had rejected from Monthly Resistance perfectly and became bearish . However, In daily time frame, price had rejected from the previous "resistance turns support" area. Thus, we might wait for a long signal at the said area. If the price breaks the area, we might react accordingly to enter with short position.
However, in COT report, hedge fund has been closing both GBP long & short positions but hedge fund had closed more long position than short position. However, even hedge fund has been opening few short position in EUR but still EUR is stronger than GBP, thus, we might see EURGBP will become bullish .
Kindly take note that my analysis is based on COT perspectives and technical analysis . Also, we always reacting to the market instead of predicting the market.