The EUR/GBP ended 2014 with a bearish breakout from a triangle consolidation that has been developing since the beginning of October. The daily chart shows the bearish breakout that also took out the previous 2014-low of 0.7766. (EUR/GBP Daily Chart)As we entered the new year, the market found support for EUR/GBP at 0.7750. Today, we got slightly disappointing UK manufacturing data.UK Manufacturing PMI (Dec.) 52.5Forecast: 53.7Previous: 53.3 (revised from 53.5) (click to enlarge; source: forexfactory.com)We have seen the pace of manufacturing growth slow down in the recent months. This is mainly due to weakening exports, while the domestic demand has been keeping the boat afloat. Price pressures are subdued as well. The manufacturing survey adds reasons to believe that the BoE will take a while before raising rates. We are looking at the end of 2015, early 2016 window at the moment. In the short-term, this data could pressure the GBP, but there is no relief for the EUR neither. The EUR/GBP should remain bearish and if that is the case, the current pullback should be limited to 0.79, forgiving a brief intra-session break. If price holds below 0.79, the pressure remains on the 0.7750-0.7765 area. Remember 0.7765 was not only the support in late 2014, but also the 2012-low.EUR/GBP Weekly Chart(click to enlarge)So, if we are anticipating further decline in the EUR/GBP we should see (over the next couple of weeks)...1) Price hold below 0.792) A daily close below 0.77603) A weekly close below 0.7760