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EUR/GBP awaiting consolidation range breakout

Bullish after Brexit: 
EUR/GBP turned sharply bullish after the affirmative Brexit vote.
The pair has broken a key resistance area around 0.81, coming up to tag 0.86 last week. 

EUR/GBP 1H Chart 7/11

(click to enlarge)

Consolidation Range:
After price tagged 0.8625, it started to consolidate between 0.8485 and 0.8625. 
In the past few sessions, bulls failed to bring EUR/GBP back to 0.8625, while price hover closely to the support. 
It looks like there is some bearish bias within the consolidation range, but the market is holding the line at 0.85 so far. 

Breakout Scenario: 
Bearish - If price breaks below 0.8485, we should see a slide towards 0.84, with 0.8310 as the aggressive target in the context of a medium-term bullish market. 
Bullish - If price holds above 0.8485, and pushes above 0.8625, EURGBP could be opening up the 0.88 area, which is around the 2013-high seen in the weekly chart below.

EUR/GBP Weekly Chart 


(click to enlarge)