EUR/GBP H4 Timeframe 
The movement of EUR/GBP on the H4 timeframe is currently showing a recovery phase after experiencing significant bearish pressure from mid-April to early May. From the visible price structure, this pair gradually moved downwards below the MA 100 and MA 200, indicating seller dominance in the medium term. However, in the recent sessions, the price has started to show signs of a healthy rebound after forming a bottom area around 0.8616. The bullish reaction from this area appears strong as there is an upward momentum capable of bringing the price back towards the MA 200 area, currently around 0.8660. The MA 100, depicted by the blue line, is starting to move sideways after a sharp decline. This indicates that the bearish pressure is weakening and the market is transitioning towards consolidation. Meanwhile, the red MA 200 is still flat to slightly bearish, showing that the medium-term trend has not fully shifted to bullish yet. The current price position very close to the MA 200 is a crucial technical area as it often determines whether the market will continue the reversal or return to the previous downtrend. In terms of horizontal support and resistance structure, the 0.8616 area is a key support level. This level is the recent low point that aggressively bounced the price. As long as the price remains above this area, the possibility of a recovery remains open. Additionally, there is a minor support around 0.8643, which is currently the nearest support area. This level previously acted as an intraday resistance before being successfully breached when bullish momentum emerged. If the price experiences a correction, this area has the potential to become a buy on weakness zone for market participants still seeing opportunities for further upside. On the upside, the first resistance is seen around 0.8660, which coincides with the position of the MA 200 and the middle horizontal line. Currently, the price is testing this area, so the market reaction around this level will greatly determine the next direction. If a valid breakout occurs with a strong bullish candle above 0.8660, the chances of an increase towards the next resistance at 0.8678 will be higher. The 0.8678 resistance previously served as a strong distribution area and also acted as a bearish turning point in mid-May. Therefore, sellers are likely to become active in that area again. If the bullish momentum continues and the 0.8678 resistance is successfully breached, the next upside target is towards 0.8702. This level is a major resistance that has previously acted as a market rejection point several times. Above that level, there is another strong resistance around 0.8739, which is the recent peak in the H4 structure over the past few weeks. However, to reach that area, the market needs a strong fundamental push as the overall technical trend is not yet fully bullish. From the latest candlestick patterns, it is evident that buyers are starting to regain control even though the upward momentum is still relatively limited. The small candles around the MA 200 indicate that the market is in a direction-determining phase. This condition often signals that market participants are waiting for the next catalyst before establishing new positions. If the price fails to hold above 0.8660 and falls back below the MA 100, the potential for a bearish reversal will reopen with targets towards 0.8643 and even 0.8616. Overall, EUR/GBP on the H4 timeframe is in a recovery phase after a prolonged bearish pressure. The MA 100 is signaling stabilization, while the MA 200 remains a dynamic resistance that has not been fully breached yet. As long as the price moves above 0.8643, the short-term bias tends to be neutral to bullish. However, stronger bullish confirmation will only emerge if the price manages to stay above 0.8660 and continue the upward movement towards 0.8678 and 0.8702. Conversely, a failure to break out at the MA 200 area could trigger new selling pressure and bring the pair back towards the main support area below it.
