EUR/GBP has been bearish in November, but is consolidating so far in December. Within this consolidation, we can spot a rounded bottom in the 4H chart. In the previous EUR/GBP update, I noted that price was on the brink of breaking out of this rounded bottom. EUR/GBP 4H Chart 12/22(click to enlarge)Breakout Targets:- As we can see in the 4H chart, price broke above the neckline of a rounded bottom during the 12/21 session.- The breakout opens up the 0.8550 area, with the 0.8640 area in sight as well. We should cap the bullish outlook to 0.87 for now. Buy on a Dip:- The thing is, we are looking at a bullish scenario within a bearish market that turned sideways.- In terms of timing, it might be premature, or just right. But we want to make sure to consider the possibility of a strong bearish push within the context of December's consolidation mode.- The reward to risk might be better if price retreats back to 0.8430.Failure:- If price falls below 0.84 however, we should anticipate further downside risk and shelf the bullish outlook.