EUR/GBP dipped to 0.8491 last week but rebounded strongly since then. Initial bias is mildly on the upside for stronger rebound. But overall outlook will stay bearish as long as 0.8667 resistance holds. That is, larger down trend from 0.8977 is in favor to continue. Below 0.8537 minor support will bring retest of 0.8491 low first.
In the bigger picture, the down trend from 0.9267 (2022 high) is seen as part of the long term range pattern from 0.9499 (2020 high). Further decline is in favor as long as 0.8667 resistance holds. Break of 0.8502 will resume the fall towards 0.8201 (2022 low).
In the long term picture, long term range pattern is extending. But rise from 0.6935 (2015 low) is expected to resume at a later stage, to 0.9799 (2009 high).
