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EUR/GBP Stalking Choppy Consolidation

You can say that EUR/GBP has been in a choppy, and tricky consolidation since late March. Let's not get too caught up in the structure of this consolidation, but rather the overall price action, which is still at the crossroad, and is not giving any strong directional clues.

(eurgbp 4h chart, 4/14)

The market has basically shelved the bullish outlook that was introduced by the upswing from 0.8157 to 0.84 during February and March. However, we have slightly more than a 61.8% retracement which broke below a rising trendline from that Feb-Mar rally. 

The bullish outlook is shelved until a break above the 0.8313 resistance pivot. 

Meanwhile, there is downside toward the 0.82 handle and the 78.6% retracement level at 0.8208. There are some previous support pivots around this area as well. 

Unless there is a break above 0.813, the downside risk remains, and has the 0.8157, 2014-low in sight.