EUR/GBP’s rise from 0.8861 accelerated to as high as 0.9229 last week. Initial bias stays on the upside this week for 0.9291 resistance. Firm break there will resume the choppy rise from 0.8670 to retest 0.9291 high. On the downside, below 0.9102 minor support will turn intraday bias neutral first. In any case, break of 0.8861 support is needed to confirm completion of rise form 0.8670. Otherwise, further rise will remain mildly in favor.
In the bigger picture, at this point, we’re seeing the price actions from 0.9499 as developing into a corrective pattern. That is, up trend from 0.6935 (2015 low) would resume at a later stage. This will remain the favored case as long as 0.8276 support holds. Decisive break of 0.9499 will target 0.9799 (2008 high).
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). Break of 0.9799 (2008 high) is expected down the road, as long as 0.8276 support holds.
