The break below 1.2350 in EUR/USD did indeed increase bearish momentum in EUR/GBP, and with cable support levels still holding firm, being short the cross is a compelling trade.
Nevertheless, it’s unlikely that this pair will collapse in a straight line, it seldom trades this way, so covering on dips and re-selling on rallies makes very good sense. I’m looking to buy back 50/60% of my position on any sharp dip below .7800.