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EUR/GBP Resting at Range Support Ahead of BoE

The EUR/GBP has been consolidating after a mid-August rally from 0.7025 to 0.7419. The 4H chart shows price action staying between the 0.7419 high and a 0.7237 low. 

EUR/GBP 4H Chart 9/9
(click to enlarge)

Now, the Bank of England will be concluding its monetary policy meeting during the 9/10 session. Ahead of the BoE statement, EUR/GBP is stalling just above the consolidation range support. We should look at the 0.7237-0.73 area as a key range going into the event risk. A break above 0.73 after the statement should open up the bullish scenario, , which would at least put the 0.7390-0.74 area in sight. A break below 0.7235 on the other hand first opens up the 0.7150 pivot, then the 0.70-0.7025 area. 

Looking at he 4H chart, here is a prevailing bullish bias, but the fact that price is hanging around the range support ahead of a key event risk suggests that the market has a slight bearish bias currency.