EUR/GBP surged to as high as 0.9291 last week. The firm break of 0.9175 confirmed resumption of whole rise from 0.8670. Initial bias remains on the upside this week for 100% projection of 0.8670 to 0.9175 from 0.8866 at 0.9371 first. Break will target 0.9499 high next. On the downside, below 0.9210 minor support will turn intraday bias neutral and bring consolidations first, before staging another rally.
In the bigger picture, at this point, we’s still seeing the fall from 0.9499 as developing into a corrective pattern. That is, up trend form 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.
