EUR/GBP’s rebound from 0.8453 resumed by breaking through 0.8585 and intraday bias is back on the upside. Immediate focus in now on 0.8610 support turned resistance. Rejection there, followed by 0.8454 support will maintain near term bearishness. Deeper decline should be seen to retest 0.8453 low. However, sustained break of 0.8610 will bring stronger rally to falling channel resistance (now at 0.8638).
In the bigger picture, rise from 0.8221 (2024 low) should have completed at 0.8863, just ahead of 38.2% retracement of 0.9267 (2025 high) to 0.8221 at 0.8867. Deeper fall would be seen back to 0.8221. For now, outlook will be neutral at best as long as 0.8610 support turned resistance hold. However, sustained break of 0.8610 will argue that fall from 0.8863 might have completed as a correction, instead of reversal.
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