EUR/GBP edged higher to 0.8629 last week but retreated since then. Initial bias remains neutral this week first, and outlook is unchanged. Price actions from 0.8502 are seen as a corrective pattern, with rise from 0.8491 as the third level. Above 0.8609 will bring further rise to 0.8667/8700 resistance zone. On the downside, below 0.8522 will bring retest of 0.8491 support.
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). Fall from 0.8977 is seen as the third leg. As long as 0.8700 resistance holds, further decline is still expected. Break of 0.8491 will resume the fall towards 0.8201 (2022 low). Nevertheless, firm break of 0.8700 will now be a sign of bullish reversal.
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).
