Intraday bias in EUR/GBP is turned neutral again with current steep retreat. Range trading should continue between 0.8610/0.8740 first. On the upside, decisive break of 0.8740 should pave the way through 0.8788 to retest 0.8863 high. Meanwhile, firm break of 0.8610 will revive the case of bearish trend reversal.
In the bigger picture, focus is back on 38.2% retracement of 0.8821 to 0.8863 at 0.8618. Strong rebound from there will retain medium term bullishness. Rise from 0.8221 should resume through 0.8863 at a later stage. Nevertheless, sustained break of 0.8618 will confirm that whole rise from 0.8221 has completed at 0.8863. Deeper decline should then be seen to 61.8% retracement at 0.8466 at least.
