EUR/GBP rebounded strongly to 0.8895 last week but failed to sustain above near term channel resistance, and retreated sharply. Initial bias is neutral this week first. On the upside, break of 0.8895 will affirm the case that correction from 0.8977 has completed at 0.8753. Further rally should be seen to retest 0.8977.
In the bigger picture, outlook is rather mixed for now, except that price actions from 0.9267 (2022 high) are part of the long term range pattern from 0.9499 (2020 high). With 0.8720 support intact, rise from 0.8545 is in favor to continue through 0.8977. However, firm break of 0.8720 will argue that such rebound has completed, and open up deeper fall through this support level.
In the long term picture, long term range pattern is extending. But rise from 0.6935 (2015 low) is expected to extend at a later stage, to 0.9799 (2009 high).
