here is what i think can happen on EURGBP , we are having five minor waves, and soon we will reach the end of the fifth wave.
The end can be the next support near a Fibonacci level on bigger timeframe.
From that point we can have three retracement waves or a bigger wave, in the last case will start a third macro wave and we can get close to 1. If we will have only some retracement waves the pairs can go really down and is it possible that there will be other 5 waves.
i guess we are searching for a long position right now because the trend is , so i prefer to wait until we get closer to the support line before buying EUR.
Have a good Weekend