This is something what i have been waiting a long time for: a major reversal in EUR/GBP (GBP/CHF). I believe it is worth to watch this pair closely. I put 2 red lines: if the price goes up you should consider to go long with a stop a 0,7914. Why so low stop? I looked recently on some major reversals in currencies and was surprised how many times it did a "double bottom"! Example: just look on the bottoming of EUR/AUD in August 2012.
Personally I believe we may still go a bit lower (0,7910?). I am hesitating to go long here, because of USD positioning and because I believe that GBP/USD has still potential to the upside. Once there is a clear reversal in GBP/USD I will go long EUR/GBP in case o reversal criteria displayed here are met. Have a nice start of the week! Sinuhet
Yes, if you go long here, you need a wide stop, well below the swing low. I don't think it's going to stop falling though. I'd be looking to go short either at 0.7973 or at 0.8033. There's where I expect to meet more sellers who are going to press it downward again.