EUR/GBP’s rebound from 0.8670 extended further to 0.9054 last week. Initial bias stays on the upside this week for 61.8% retracement of 0.9499 to 0.8670 at 0.9182 first. Sustained break there will pave the way to retest 0.9499 high. On the downside, though, break of 0.8880 support will turn bias back to the downside for 0.8670 low instead.

In the bigger picture, while the pull back from 0.9499 is deep, there is no sign of trend reversal yet. The up trend from 0.6935 (2015 low) should resume at a later stage to 61.8% projection of 0.6935 to 0.9263 from 0.8276 at 0.9715. This will remain the favored case as long as 0.8276 support holds.

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In the long term picture, rise from 0.6935 (2015 low) is still in progress. It could be resuming long term up trend from 0.5680 (2000 low). Decisive break of 0.9799 will target 100% projection of 0.5680 to 0.9799 from 0.6935 at 1.1054.

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