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EUR/GBP Remains in Consolidation; Checking Bullish Bias

EUR/GBP has been consolidating since a bull run in August with a spike up to 0.7420. The 4H chart shows the sideways consolidation since late August, with support around 0.7240 and resistance between 0.7350 and 0.74. 

EUR/GBP 4H Chart 9/16

(click to enlarge)

We saw a bullish breakout last week from a falling trendline in September. This opened up a bullish continuation scenario, but price was held under 0.7360. Today, we saw a sharp retreat. This shows that bulls are not ready yet. 

However, as long as price holds above 0.7240, EUR/GBP should maintain a bullish bias, with upside risk to the 0.74-0.7420 area. Let's see if price will hold below 0.73 today. If not, I would have a low expectation of price testing 0.7240. This would create a support pivot above 0.7240, which would add confidence to bulls in this market, which would put 0.74 insight in the short-term.