EUR/GBP surged to as high as 0.9297, met mentioned target of 61.8% retracement of 0.9799 to 0.8399 at 0.9264 but turned into consolidation since then. Friday's rebound lacked follow through momentum and subsequent fall from 0.9196 argues that correction from 0.9297 might still be in progress with another fall. Initial bias is mildly on the downside this week and a break of 0.9706 will bring fall resumption to a break of 0.8983 support marginally to 100% projection of 0.9297 to 0.9076 from 0.9196 at 0.8975. Nevertheless, downside should be contained by 61.8% retracement of 0.8704 to 0.9297 at 0.8931 and bring rally resumption. Above 0.9196 will flip intraday bias back to the upside for 0.9297 first. Break will bring rally resumption towards 0.9494 resistance.
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.