I would say, we shouldn't get too optimistic on this drop. UK elections due in a few weeks, so GBP weakness could set in, that could turn EURGBP bullish or volatile. Also depending on who wins, there is the question on EU referendum. Daily charts already signaled a bullish divergence, so it would be tricky to be on the short side when the rally sets in.
A very fair point. I focus mostly on technical trading however by no means ignorant to fundamental analysis. I do see a bearish flag that said, and if i was to use the measured move and take the flag pole and add it on to the break that would give us new lower lows which is interesting. I guess we will have to watch it play out but definitely have a bearish bias just above 0.70500.