After falling from 0.7483 to 0.7055 in May, EUR/GBP has rebounded and is now targeting the resistance around 0.7280.EUR/GBP 4H Chart 5/29(click to enlarge) Following a bullish engulfing pattern in the 4H chart, EUR/GBP rallied and broke above falling trendline and is now trading above the 50-, and 100-period simple moving averages. The 4H RSI also tagged 70, which represents initiation of bullish momentum. In the short-term bullish scenario if price retreats, it should see support in the 0.7122-0.7137 area. A break below 0.7120 revive the bearish outlook.The projected rally to 0.7283 would be within the context of a neutral-bearish market in the medium-term. A break above 0.7285 would open up a neutral-bullish one, with the 0.7483 level in sight.