EUR/GBP pulled back after edging higher to 0.9153 initially last week and the correction is possibly still in progress. Nevertheless, rise from 0.8833 is still expected to continue as long as 0.8977 support holds. Above 0.9115 minor resistance will flip intraday bias back to the upside and break of 0.9153 will target 61.8% retracement of 0.9410 to 0.8833 at 0.9109 first and then 0.9410 high next. However, note that decisive break of 0.8977 support will argue that rebound from 0.8833 has completed. Also, this will open up the case that correction from 0.9410 is still in progress for another low below 0.8833 before completion.

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. Such rise should target a test on 0.9799 first after completing the correction from 0.9410 and break of 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.

EUR/GBP

EUR/GBP

EUR/GBP

EUR/GBP