Last week, I was looking at a possible bullish breakout in the EUR/GBP. However, after the ECB's announcement that it was restructuring the bond purchase program, the market sold the euro across the board. Read more about the euro and the ECB here: EUR/USD Might Break Critical Support after ECB's Bond Purchase RestructuringThe EUR/GBP faded as well. Let's take a look a the daily chart. EUR/GBP Daily Chart 12/12(click to enlarge)False Breakout; Bearish Engulfing Candle:- The daily chart shows that price was pushing above a consolidation pattern resistance. - However, the reaction to the ECB resulted in a bearish engulfing candle, which suggested another bearish swing.Negative Reversal:- We can also spot a negative reversal signal after that false breakout - the signal refers to the case where the RSI makes a higher high, but price continues to make a lower high.- The negative reversal signal suggests bearish momentum is still intact, and therefore suggests another bearish swing .Key Support above 0.8120- Looking at the daily chart, we can see that if EUR/GBP enters the 0.8120-0.8180 area, it would be facing a rising trendline as well as a support/resistance pivot area. - I think even though EUR/GBP is bearish at the moment, the bullish trend of 2016 is still intact UNLESS price breaks below the above noted support factors. This would likely require a push below 0.8115. - Otherwise, we should limit the current bearish outlook to around 0.8150.- We should also anticipate at least some near-term buying around 0.83, the previous support pivot and where the 200-day simple moving average resides.As for resistance, I would look for selling if price pushes towards 0.8460. A break above 0.85 on the other hand would challenge my bearish outlook.