EUR/GBP’s decline continued further last week, and accelerated by breaking through falling channel support. 100% projection of 0.8728 to 0.8453 from 0.8611 at 0.8336 was met already. There is no sign of bottoming yet. Initial bias stays on the upside this week. Next target is 138.2% projection at 0.8231. On the upside, above 0.8537 minor resistance will turn intraday bias neutral and bring consolidations 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 stay bearish as long as 0.453 support turned resistance hold.
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.
