EUR/GBP rose to 0.8607 last week and retreated since then. Initial bias remains neutral this week first. Outlook is unchanged that rebound from 0.8453 is seen as a corrective move. Upside should be limited by 0.8610 support turned resistance. Break of 0.8545 will turn bias back to the downside for retesting 0.8453 low. However, sustained break of 0.8610 will dampen this bearish view and 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.
In the long term picture, price action from 0.9499 (2020 high) is seen as part of the long term range pattern from 0.9799 (2008 high). Range trading should continue between 0.8201 and 0.9499, until there is clear signal of imminent breakout.
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