EUR/GBP reversed after edging higher to 0.8752 last week. Current development suggests that price actions from 0.8752 are correcting whole rally from 0.8491. Initial bias is mildly on the downside this week for 38.2% retracement of 0.8491 to 0.8752 at 0.8652 and below. But downside should be contained by 0.8614 support to bring rebound.
In the bigger picture, current development suggests that whole down trend from 0.9267 (2022 high) has completed with three down to to 0.8491. Rise from 0.8491 is seen as another leg inside that pattern from 0.9499 (2020 high). Further rally should be seen to 0.8977 resistance and above. This will remain the favored case as long as 0.8614 support holds.
In the long term picture, long term range pattern is extending. But rise from 0.6935 (2015 low) is expected to resume at a later stage, to 0.9799 (2009 high).
