EUR/GBP's fall from 0.9041 extended further to as low as 0.8672 so far and intraday bias remains on the downside for further decline. The deeper than expected fall opens up the case that rise from 0.8284 support is finished at 0.9041 already. Focus is now on 0.8671 resistance turned support. Decisive break there will pave the way to retest 0.8284 key support next. Though, we didn't totally give up the bullish case yet. Strong rebound from the current level and break of 0.8817 resistance will flip bias back to the upside for retesting 0.9041 resistance.
In the bigger picture, the sharp reversal last week raises the possibility that rebound from 0.8067 has completed with three waves up to 0.9041. The corrective structure will in turn indicate that correction from 0.9799 is still in progress for another low below 0.8067 before completed. Break of 0.8671 support will affirm this case and target a test on 0.8067/8284 support zone next. Nevertheless, break of 0.9041 again will re-affirm the case that medium term correction from 0.9799 has completed with three waves downside to 0.8607 already. In such case, the long term up trend that started back in 2000 might be resuming for another high above 0.9799.