EUR/GBP holding 0.8500 for now after stalling ahead of 0.8550 yesterday

An update here yesterday noted how the upside breakout in the EUR/GBP could extend towards 0.8550. Well, following that update that is pretty much what it did, when it reached 0.8547. The EUR/GBP later closed in the US last night at 0.8509. Today it has fallen back a little more, but so far that 0.8500 handle has remained intact. That is a support level, but not necessarily a strong one and behind that we do have more at 0.8480. On the topside we stall have resistance at 0.8550. As you can see, the price action since the peak yesterday afternoon, right after the US CPI data, has been to the downside. That has helped to stop the GBP/USD from falling back as much as the EUR/USD has over the past 24 hours. That said, it will need to remain that way in order to prevent the GBP/USD from correcting further. The EUR/GBP is right now at 0.8505