EUR/GBP's fall extended further to as low as 0.8251 last week and took out 0.8399 key support. Initial bias will remain on the downside this week and further fall should be seen towards 0.8186 cluster support. Nevertheless, we're expecting strong support fro 0.8186 to contain downside and bring reversal. On the upside, above 0.8378 minor resistance will turn intraday bias neutral first. Further break of 0.8546 will argue that EUR/GBP has bottomed out and turn focus 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 0.8806 resistance holds, such consolidation might still extend further. However, 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 0.8806 will be an important signal that such consolidation is completed and will turn focus to 0.9137 resistance for further evidence. Nevertheless, decisive break of 0.8186 will invalidate this week and target 0.7693 support next.
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.