EUR/GBP's rebounded to as high as 0.8528 last week but weakened again towards the end of the week. Initial bias remains neutral this week first. As noted before, we're favoring the case that fall from 0.8940 is not over. And, price actions from 0.8333 might be just sideway consolidations in form of expanding triangle. Hence, we'd stay neutral first and expect another decline eventually. Below 0.8388 should target 0.8284 support first. Break of 0.8284 will confirm our bearish view and target a new low below 0.8067.
In the bigger picture, current development revives that case that rebound from 0.8067 has finished with three waves up to 0.8940 after hitting medium term trend line resistance. The development indicates that whole fall from 2008 high of 0.9799, which is treated a correction to the larger up trend, is not finished yet. Another low below 0.8067 could be seen ahead. Nevertheless, we'd continue to look for reversal signal inside 0.7693/8186 support zone.
In the long term picture, long term up trend from 2000 low of 0.5680 shouldn't be over yet and the choppy fall from 2008 high of 0.9799 should be a correction only. We'd expect such correction to be contained by 0.7963/0.8186 support zone and bring up trend resumption. Rise from 0.5680 is still expected to extend beyond 0.9799 high eventually.