EUR/GBP fell to 0.8717 last week as corrective decline from 0.8977 extended, but drew support from 0.8720 support and recovered. Initial bias remains neutral this week first. On the upside, break of 0.8842 resistance will argue that the correction has completed. Further rise should be seen back to 0.8924 resistance and above. However, sustained break of 0.8720 will bring deeper decline to 0.8545 instead.
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).
