EUR/GBP's recovery lost steam after hitting 4 hours 55 EMA and turned sideway. Initial bias remains mildly on the downside this week. Break of 0.8911 will indicate that correction from 0.9410 has resumed and should target 100% projection of 0.9410 to 0.8996 from 0.9238 at 0.8824 next. Nevertheless, we should see loss of downside momentum in next fall and correction from 0.9410 is expected to conclude inside .8704/8837 support zone. Meanwhile, on the upside, above 0.9060 minor resistance will argue that such correction has possibly completed already and will turn bias back to the upside for 0.9238 resistance for confirmation.
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 will 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.