EUR/GBP recovered after edging lower to 0.8382 last week. With break of 55 4H EMA (now at 0.8421), initial bias is mildly on the upside for stronger rebound to 55 D EMA (now at 0.8477). Nevertheless, outlook will stay bearish as long as 0.8498 resistance holds, and larger down trend should resume through 0.8382 at a later stage.
In the bigger picture, down trend from 0.9267 (2022 high) is in progress. Next target is 0.8201 key support (2022 low). For now, outlook will remain bearish as long as 0.8643 resistance holds, even in case of stronger rebound.
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.
