Last EUR/GBP fell to a new low on the year at 0.6909, which is a low not seen since Oct. 2007. EUR/GBP Daily Chart 7/21(click to enlarge) Bearish Continuation Breakout:As we can seen in the daily chart the break to a new low on the year is a break from a consolidation range since March this year. Before that, the pair has been declining/During the noted consolidation, price held below the 200-day simple moving average the whole time, and respected the 100-day SMA for the most part as well. In July, price started to hold under the 50-day SMA in the bearish continuation breakout attempt. The peaks in the RSI has also been sliding. These are all signs that the EUR/GBP further room to fall. The range of the broken range is just under 500 pips. Target, Critical Resistance, Sell Area: We can use this range as a bearish projection. Let's be a bit conservative and project 400 pips before 0.70, which would target he 0.66 handle. This week, price is in a pullback. A pullback can give sellers another chance to get in with lower risk, as well as provide confirmation of whether the breakout is for real. If price pulls back above 0.72, we should be skeptical of the bearish breakout. However, assuming the breakout is real, we should expect resistance a little below that critical level, around 0.71-0.7150.