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EUR/GBP Signaling Bearish Continuation

EUR/GBP is starting this week bearish. After a very short-term consolidation range seen in the 1H chart, price broke below the 0.7952-55 low, came back to test 0.7960, and the 50-hour SMA, then confirmed the bearish breakout. The 1H chart already looks bearish, and today's price action so far signals bearish continuation.

EUR/GBP 1H Chart 8/27

The daily chart shows that today's bearish attempt is also signaling a bearish continuation of greater significance. The 2014 trend has been bearish and traders spent the past month consolidating EUR/GBP's losses. However, the bearish bias remained as evidenced by the moving averages, price action, and the daily RSI holding below 60. Now price is cracking the rising trendline threatening a bearish continuation.
EUR/GBP Daily Chart 8/27

In the bearish continuation scenario, price should not pullback above 0.7960, or we might still be in consolidation. The first target/support is the 2014-low at 0.7874. Below that, the next key level to monitor will be the 0.7764, 2012-low.