EUR/GBP’s closed below 0.8382 support last week indicates larger down trend resumption. Initial bias stays on the downside this week for 61.8% projection of 0.8624 to 0.8399 from 0.8463 at 0.8324. For now, outlook will remain bearish as long as 0.8463 resistance holds, in case of recovery.
In the bigger picture, down trend from 0.9267 (2022 high) is resuming. Next target is 0.8201 (2022 low), but strong support should be seen there to bring rebound. Outlook will remain bearish as long as 0.8624 resistance holds even in case of strong rebound.
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.
