EUR/GBP rebounded further to 0.8585 last week but retreated. Initial bias remains neutral this week first. While another rise cannot be ruled out, strong resistance should be seen from 0.8610 support turned resistance to limit upside. On the downside, break of 0.8258 support will argue that the corrective rebound from 0.8453 has completed, and turn bias back to the downside for retesting this low.
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.
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.
