Immediate focus is now on 0.8551 support in EUR/GBP with today’s decline. Firm break there will indicate that corrective rebound from 0.8453 has completed at 0.8611. Deeper fall should then be seen to retest this low. However, sustained break of 0.8610 will dampen this bearish view and bring stronger rally towards 0.8728 resistance.
In the bigger picture, rise from 0.8221 (2024 low) should have completed at 0.8863, just ahead of 38.2% retracement of 0.9267 (2025 high) to 0.8221 at 0.8867. Deeper fall would be seen back to 0.8221. For now, outlook will be neutral at best as long as 0.8610 support turned resistance hold. However, sustained break of 0.8610 will argue that fall from 0.8863 might have completed as a correction, instead of reversal.
