The EUR/GBP has been on a bull run in the second half of December. It could be reversing the bearish mode it has been in since October.EUR/GBP 4H Chart (click to enlarge)A Bullish Reversal:- The 4H chart shows the bullish reversal since mid-December. - Price pushed above the 200-, 100-, and 50-period simple moving averages (SMAs) in the 4H chart. - Also, the 4H RSI pushed above 70. - We can assess the current bearish correction as a test of this bullish reversal scenario.Support:- The 4H chart shows price is testing a rising trendline as well as a sideways support pivot around 0.8485. - Also note that price is testing the 50- and 200-period SMAs. - The RSI is also above 40, which means the recent bullish momentum (since mid-December) is still intact. - Basically, a hold above 0.8485 with a return above 0.8540 could be a sign of bullish continuation.- A break below 0.8485 does not necessarily open up the bearish outlook.- I think the last line of defense for the bulls is in the 0.8430-0.8450 area, but if I want to have confidence for the bullish outlook, I rather see price hold the 0.8485 line and push above 0.8540.