EUR/GBP is still staying below the falling 55 days EMA and the sharp fall from 0.8806 suggests that 0.8427 is not the bottom yet. Initial bias is mildly on the downside this week for 0.8427 low first. Break will bring down trend resumption to 0.8399 key support next. On the upside, above 0.8618 minor resistance will turn intraday bias neutral again. But after all, break of 0.8806 is needed to indicate that EUR/GBP has bottomed. Otherwise, another fall would remain in favor.
In the bigger picture, price actions from 0.9799 are treated as consolidations in the larger up trend. In any case, as long as 0.9137 resistance holds, such consolidation might still extend further with another low below 0.8399. However, even in such case, strong support should be seen from 0.8186 cluster support (50% retracement of 0.6535 to 0.9799 at 0.8167) to conclude the consolidation and bring up trend resumption finally. Break of 0.9137 will be an important signal that such consolidation is completed and will turn focus to 0.9410 resistance for further evidence.
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.