EUR/GBP’s extended rebound indicates short term bottoming at 0.8453. Initial bias stays mildly on the upside for 55 D EMA (now at 0.8589) and possibly above. But strong resistance should be seen from 0.8610 to limit upside. On the downside, below 0.8513 minor support will bring retest of 0.8453 low instead.
In the bigger picture, rise from 0.8221 (2024 low) should have completed at 0.8863, just ahead of 38.2% retracement of 0.9267 (2025 high) to 0.8221 at 0.8867. Deeper fall would be seen back to 0.8221. For now, outlook will be neutral at best as long as 0.8610 support turned resistance hold.
In the long term picture, price action from 0.9499 (2020 high) is seen as part of the long term range pattern from 0.9799 (2008 high). Range trading should continue between 0.8201 and 0.9499, until there is clear signal of imminent breakout.
