EUR/GBP's fall from 0.9410 resumed after recovery was limited at 0.9238 and dived to as low as 0.8911 before turning sideway. With 4 hours MACD crossed above signal line, an intraday low should be in place and some sideway consolidations might be seen initially this week. Nevertheless, note that fall from 0.9410 should be correcting whole medium term rise from 0.8399. Hence, even in case of recovery, outlook will remain bearish as long as 0.9238 resistance holds and further decline is still in favor. Below 0.8911 will target 100% projection of 0.9410 to 0.8996 from 0.9238 at 0.8824.
In the bigger picture, medium term correction from 0.9799 has completed with three waves down to 0.8399 already and rise from there is tentatively treated as resumption of long term up trend. As fall from 0.9410 is treated as correction to rise from 0.8399 only, it's expected to conclude in 0.8704/8837 support zone. Above 0.9238 will indicate that such correction has completed and rise from 0.8399 is possibility resuming for a retest of 0.9799 high first. Break of 0.9799 bring rally to next medium term target at 61.8% projection of 0.6535 to 0.9799 from 0.8399 at 1.0416. We'll hold on to this bullish view as long as 0.8704 support holds.
In the long term picture, long term up trend in EUR/GBP might be resuming as correction from 0.9799 has completed at 0.8399. Decisive break of 0.9799 high will confirm this bullish view and target 261.8% projection of 0.5680 to 0.7258 from 0.6535 at 1.0666.