EUR/GBP’s fall from 0.8624 extended to as low as 0.8399 last week but recovered since then. Initial bias is turned neutral this week for some consolidations. Risk will stay on the downside as long as 55 4H EMA (now at 0.8457) holds. Below 0.8399 will target 0.8382 support. Firm break there will resume larger down trend.
In the bigger picture, as long as 0.8624 resistance holds, down trend from 0.9267 is expected to continue. Firm break of 0.8382 will target 0.8201 (2022 low). However, decisive break of 0.8624 will indicate that such down trend has completed, and turn outlook bullish for 0.8764 resistance next.
In the long term picture, price action from 0.9499 (2020 high) is seen as part of the long term range pattern from 0.9799 (2008 high). Range trading should continue between 0.8201 and 0.9499, until there is clear signal of imminent breakout.
 holds. Below 0.8399 will target 0.8382 support. Firm break there will resume larger down trend.){kind=link}