EUR/GBP edged higher to 0.8643 last week but reversed after rejection by medium term trendline resistance. Initial bias stays on the downside this week for retesting 0.8491/7 support zone. On the upside, above 0.8582 minor resistance will turn intraday bias neutral first.
In the bigger picture, outlook remains bearish as EUR/GBP is capped below medium term falling trendline. That is, down trend from 0.9267 (2022 high) is still in progress. Firm break of 0.8491/7 will target 100% projection of 0.8764 to 0.8497 from 0.8643 at 0.8376.
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.
