EUR/GBP has been in a bullish correction since making a low on the year at 0.6909 around mid-July. As we wind down the month however, we have seen a strong bullish correction that just tagged 0.7160 at the start of this week's trading. EUR/GBP 4H Chart 7/27(click to enlarge)First of all at 0.7160, EUR/GBP is at a key support/resistance pivot as well as a falling trendline that comes down from the June high of 0.7389. While price is above the moving averages and the RSi is above 70, these bullish signs are still secondary to the fact that price action made a new low on the year in July, and the current high is still below this month's high around 0.7224. Second of all, we should note the similarity to the EUR/USD in both technical structure/condition and fundamental bias. The technical condition is the fact that the pair is at a key resistance juncture. The fundamental bias is that the ECB remains dovish while the BoE seems to be turning the corner. While selling at 0.7160 might provide a strong reward to risk profile, it might take a break below 0.7045 before the market will be convinced of a bearish continuation scenario .Otherwise, we might have some sideways drift even if the pair is to remain bearish. However, if EUR/GBP closes above 0.7160 during the end of the 7/27 session. We should probably stay on the sidelines and look for more technical clues this week.