EUR/GBP rebounded further to as high as 0.8772 last week but such rise stalled ahead of 0.8806 resistance and turned sideway. Initial bias is neutral this week and some sideway trading might be seen. On the upside, note that break of 0.8806 resistance will suggests that EUR/GBP has bottomed out at 0.8427 already and would bring stronger rally towards 0.9137 resistance. However, before that, there is no confirmation of reversal. A break of 0.8618 will flip intraday bias back to the downside for 0.8427 and below.
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.