The EUR/GBP started the year with a break below the 2014-low. It then rebounded from 0.7745 as we can see in the 4H chart. EUR/GBP 4H Chart 1/8(click to enlarge) After rallying back to a previous resistance around 0.7867, EUR/GBP started to retreat. Also note that price held below the 200-period SMA, and is now under the 100-, and 50-period SMAs as well. The RSI has tagged 30, but for the most part held below 60, which reflects maintenance of the prevailing bearish momentum. Also look at this week's price action in the 4H chart. We had a strong bearish candle during the 1/7 session that was followed by a a few smaller bullish candles within the body of this strong bearish candle. Then, we saw a bearish engulfing candle, which suggests bears are in charge.A break below 0.7790 would be the next key event for the bearish outlook. The 0.7745 is pressured, with risk of falling lower toward the 0.77 handle.