• Friday's price action hints at topside exhaustion for EUR/GBP

• This stems from the sub-200DMA close and bearish key day reversal

• Key day reversal = Higher high, lower low, close below prior day low

• As noted previously, levels to fade EUR/GBP were around 0.8500, 0.8558

• The cross is still within a broader downtrend which endorses rally selling

• Support sits at 0.8400 and 0.8346 (100DMA)

• Looking ahead - focus is on the ECB, though little surprises are expected

• Bigger risk to those bearish EUR/GBP is the BoE's Feb 6 meeting
EURGBP daily chart

(Justin McQueen is a Reuters market analyst. The views expressed are his own.)