EUR/GBP Price Analysis: Bears relying on cable to break a fresh daily high

• EUR/GBP bears seeking a break of near term support. 
• A daily extension on the downside is on the cards of cable remains bid. 

EUR/GBP is on the verge of a downside extension that would be helped along by a bid in cable as per the prior analysis follows:

GBP/USD Price Analysis: Bulls looking for breakout to the topside. 

Prior GBP/USD analysis, daily and 4-hour time frames

'Nevertheless, the 4-hour chart is forming a bullish reverse head and shoulders formation and on completion, the bullish price action could well burst into life.'

'The right-hand shoulder of the bullish reverse head and shoulders is in the process of being formed. 

Bulls will want to see the price break the prior highs within this formation and hope for a discount on a retest of the structure before committing to the bullish thesis.'

Live GBP/USD market, 4-hour and daily charts

EUR/GBP daily chart

EUR/GBP 4-hour chart

The bears are chipping away at the near term support which is guarding a break to the downside.