EUR/GBP spent last week consolidating in range but strength on Friday argues that recent rally is possibly ready to resume. Initial bias is on the upside this week and the break of 0.9297 resistance will confirm rise resumption and should target 0.9494 resistance next. On the downside, however, break of 0.9158 minor support will indicate that consolidation from 0.9297 is still in progress and with one more fall before completion. Nevertheless, downside is expected to be contained above 0.8983 support and bring rally resumption.
In the bigger picture, correction from 0.9799 has completed with three waves down to 0.8399 already and rise from there is tentatively treated as resumption of long term up trend. Break of 0.9799 bring rally to next medium term target at 61.8% projection of 0.6535 to 0.9799 from 0.8399 at 1.0416. We'll hold on to this bullish view as long as 0.8704 support holds.
In the long term picture, long term up trend in EUR/GBP might be resuming as correction from 0.9799 has completed at 0.8399. Decisive break of 0.9799 high will confirm this bullish view and target 261.8% projection of 0.5680 to 0.7258 from 0.6535 at 1.0666.