EUR/GBP has been bearish since mid-October, and throughout most of November. However, in the past couple of weeks, we have seen price action stall around 0.70. EUR/GBP 4H Chart 11/24(click to enlarge)This week, price started to rally and completed a price bottom. It also broke a falling trendline from October. These are technical signs that can attract buyers and push AUD/USD up in the short-term. The 0.72 level is a key support/resistance pivot, and we should probably limit the bullish outlook to this area for now. Another reason we might expect this bullish outlook comes from the daily chart.EUR/GBP Daily Chart 11/24(click to enlarge)The daily chart does show that EUR/GBP was bearish entering the year. Then it started to trade sideways in March, but did edge out a new low in July. Still the overall structure appears to be a sideways market with a support around 0.6925 and resistance just under 0.75.In November, price approached the consolidation support area and produced a bullish divergence against the RSI. This gives our bullish outlook some weight. Also, notice that the cluster of 200-, 100-, and 50-day simple moving average around 0.72. This reinforces the idea that 0.72 is a key level to monitor and respect for now.