Intraday bias in EUR/GBP remains on the downside and deeper decline should be seen towards 0.8601/62 support zone. Current fall from 0.9132 is treated as part of the consolidation pattern from 0.9799 and hence, downside will likely be contained by 0.8601/62 support zone to conclude the consolidation finally. On the downside, above 0.8894 minor resistance will indicate that a temporary low is formed and bring recovery. But after all, break of 0.9024 resistance is needed to indicate that fall from 0.9132 is completed. Another, another decline would remain in favor in near term.

In the bigger picture, EUR/GBP is still bounded inside medium term converging range between 0.8399 and 0.9799. Current development suggest that fall from 0.9132 is the fifth leg in a triangle pattern. Hence, consolidation from 0.9799 could be near to completion. Break of 0.9137 will argue that long term up trend is resuming and should target another high above 0.9799. Though, firm break of 0.8601 will indicate that price action from 0.9799 is developing into a deep correction with another low below -0.8399 before completion.

In the long term picture, current development suggests correction from 0.9799 is still in progress and the long term up trend from 2000 low of 0.5680 is not ready to resume yet. Nevertheless, correction from 0.9799 is expected to be contained by 0.7963/0.8186 support zone and bring up trend resumption. Rise from 0.5680 is still expected to continue to 261.8% projection of 0.5680 to 0.7258 from 0.6535 at 1.0666 eventually.

EUR/GBP

EUR/GBP

EUR/GBP

EUR/GBP