EUR/GBP edged lower to 0.9024 last week but recovered since then. Initial bias remains neutral this week first. Further fall is mildly in favor as long as 0.9220 resistance holds. Break of 0.9024 will target 0.8866 support. Decisive break there should confirm completion of the whole choppy rebound form 0.8670. Though, break of 0.9220 will likely resume such rebound through 0.9291.
In the bigger picture, at this point, we’re seeing the price actions from 0.9499 as developing into a corrective pattern. That is, up trend from 0.6935 (2015 low) would resume at a later stage. This will remain the favored case as long as 0.8276 support holds. Decisive break of 0.9499 will target 0.9799 (2008 high).
In the long term picture, rise from 0.6935 (2015 low) is still in progress. It could be resuming long term up trend from 0.5680 (2000 low). Break of 0.9799 (2008 high) is expected down the road, as long as 0.8276 support holds.
