EUR/GBP edged lower to 0.8421 last week but failed to sustain losses and recovered . Nevertheless, another fall remains in favor with 0.8580 minor resistance intact. Below 0.8421 will target 0.8399 key support and then 100% projection of 0.9410 to 0.8601 from 0.9137 at 0.8328. On the upside, though, break of 0.8580 resistance will argue that EUR/GBP has bottomed and will turn focus back to 0.8806 resistance for confirmation.
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.