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EUR/GBP Forming a Price Top

The EUR/GBP recently rallied to around 0.74 before stalling. It has been consolidating choppily as we can see in the 4H chart. I thought the bullish breakout at the beginning of the week indicated a bullish continuation scenario. However, after today's ECB monetary policy statement, which was dovish, the euro fell across the board. The EUR/GBP retreated sharply.

EUR/GBP 4H Chart 9/3

(click to enlarge)

The thing is, even though this was a strong reaction, I feel like there is a last line of defense for bulls here around 0.7275. The RSI after all is still above 40 after tagging 80, which reflects maintenance of the bullish momentum from the prevailing swing.

I would maintain a bearish bias for the short to medium-term unless price climbs back above 0.7350, where the ECB-reaction anchored from. The 0.7235 area wil be under attack. A break below that opens u pat least the 0.7150 pivot with downside risk all the way back to the psychological level of 0.70. 

Take a look at the daily chart:
(click to enlarge)

The daily chart shows that the prevailing bearish trend has now neutralized. One scenario is that EUR/GBP has turned bulish. But it is still premature to say that. When price clears 0.75, EUR/GBP would then have completed some kind of rounded bottom. Another scenario is that the pair is essentially sideways. The third scenario is that EUR/GBP is still bearish like it was in 2014. After all, the ECB is more dovish than the BoE at the moment. 

Given those 3 scenarios, it seems like at the current price level, 2 our of 3 would favor a bearish swing from the multi-month consolidation area of 0.74-0.75. As we can see, EUR/GBP indeed found resistance there, so perhaps, we should expect a bearish outlook at least in the short-term, if not to 0.70, to 0.71.