EUR/GBP Weekly Outlook

EUR/GBP’s extended decline last week suggests that rebound from 0.8453 has already completed as a corrective move at 0.8611. Initial bias stays on the downside this week for retesting 0.8453 low and then 61.8% projection of 0.8728 to 0.8453 from 0.8611 at 0.8441. Firm break there will target 100% projection at 0.8336. On the upside, above 0.8526 minor resistance will turn intraday bias neutral first.

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.

ActionForex
ActionForex
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