After the impulsive first wave witnessed on the pair, where we had an extended first leg, the EUR/GBP is now correcting. The next levels to watch are the 38.2% and 50.0% retracement from the highs, which come in at 0.8404 and 0.8382. Those are good entry levels for the third wave, which could take prices higher towards 0.8600.
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The correction was deeper and longer than we had anticipated, but the view is still the same: as long as we trade above 0.8285, odds favor more upside on the pair to at least 0.8478.