EUR/GBP posted a solid rebound today but remains confined below the 0.8607 level. Intraday trading stays neutral, with firm resistance anticipated between 0.8610 and the corrective bounce target from 0.8453. A break below the 0.8545 support would shift bias back to the downside, targeting a retest of the 0.8453 low. Conversely, a sustained move above 0.8610 would undermine the bearish outlook and could trigger a stronger advance toward the descending channel resistance near 0.8633 and beyond.
Looking at the broader context, the advance from the 2024 low of 0.8221 appears to have peaked around 0.8863, just shy of the 38.2% Fibonacci retracement of the 0.9267 (2025 high) to 0.8221 move, which sits near 0.8867. A deeper decline could revisit the 0.8221 level. For the time being, the outlook remains neutral provided the 0.8610 level, now acting as resistance, holds. A sustained break above 0.8610, however, would suggest that the drop from 0.8863 has completed as a corrective phase rather than a trend reversal.
