The EUR/GBP has been bearish from October through November, but has been essentially consolidating in December after bouncing off 0.83. The daily chart shows a market that was bullish in 2016 before the 2-month bearish correction (Oct-Nov). EUR/GBP Daily Chart 12/21(click to enlarge)Support at 0.83:- As noted, there was support at 0.83, which pivoted EUR/GBP into a short-term consolidation so far in December. - The pair is not on any critical support factors, and there could still be further downside risk towards 0.82, where EUR/GBP would be challenged by a support/resistance pivot area and a rising trendline.- Still we should consider the possibility that price is holding above 0.83 and the 200-day simple moving average (SMA).- Let's take a look a lower time-frame to see the details of the December consolidation.EUR/GBP 1H Chart 12/21(click to enlarge)Rounded Bottom Attempt:- The 1H chart shows that the EUR/GBP is in a rounded bottom attempt, with the neckline roughly at 0.8430. - The neckline has been cracked a couple of times.- Price is also now positioning above the cluster of 200-, 100-, and 50-hour SMAs. - The RSI has pushed almost to 70, and has held above 40 for the most part. Bullish Scenario:- These are signs of a bullish development.- In the 1H chart we can see price starting to complete the rounded bottom.- Now, if price can indeed clear 0.8450, we should anticipate at least a push towards that 0.8540-0.8550 area, December highs. - For now, the strongest bullish outlook should be limited to 0.87 until we get further evidence that the bullish trend is back on track. - The 0.87-0.8720 area is a common resistance area since August 2016.Failure:- However, if price falls back below 0.84, EUR/GBP would slide under a rising trendline. A slide below 0.8390 would push price below the cluster of SMAs. - I think a retreat below 0.8390 would be a sign of a failed bullish attempt, which would suggest a bearish outlook perhaps towards 0.83 again, with risk of extending to 0.82.