EUR/GBP attempt to extend rebound from 0.7949 twice last week but in both times, it was limited below mentioned 38.2% retracement of 0.8505 to 0.7949 at 0.8161. Overall bearish outlook remains unchanged. Price actions from 0.7949 are viewed as consolidation only and should be near to completion, if not completed. Break of 0.8010 should flip bias back to the downside for 0.7949 first. Break will confirm resumption of whole decline from 0.9083 and should target next important fibonacci level at 0.7782. On the upside, though, note that break of 0.8161 fibo level will dampen our bearish view and turn focus to key resistance level at 0.8221 instead.
In the bigger picture, price actions from 0.9799 is treated as a long term consolidation pattern with fall from 0.9083 as the third leg. Strong support is expected inside 0.7693/8186 support zone to conclude the consolidation. Thus, we'll be looking at reversal signal now. Though, as long as 0.8221 support turned resistance holds, another decline is still in favor, possibly to 61.8% retracement of 0.6535 to 0.9799 at 0.7782 before fall from 0.9083 completes. On the other hand, break of 0.8221 will indicate reversal and EURGBP could then have started another leg inside the consolidation pattern, or resumed the larger up trend.
In the long term picture, long term up trend from 2000 low of 0.5680 shouldn't be over yet and the choppy fall from 2008 high of 0.9799 should be a correction only. We'd expect such correction to be contained by 0.7963/0.8186 support zone and bring up trend resumption. Rise from 0.5680 is still expected to extend beyond 0.9799 high eventually.