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EUR/GBP in an Inverted Head and Shoulders Attempt

The EUR/GBP is trying to complete an inverted head and shoulders as you can see in the 4H chart below. 

The bearish engulfing 4H candle that followed the ECB statement and press conference was immediately reversed. The failed bearish reaction is in turn, a bullish signal. 

Also note that price has respected the moving average cluster as support and  is moving above them, another bullish signal. 
As price approaches 0.7985, it would be tagging the neckline and completing this price bottom and signaling a bullish correction.

EUR/GBP 4H Chart

The daily chart shows that price is essentially trying to break above a falilng trendline and the 50-DAY SMA. A completion of the kilroy (inverted H&S), would clear these resistance factors, and expose the 0.8033 area. 
If we go by the pattern breakout projection, using the width of the kilroy, we would target about 100 pips above the neckline. This would be around 0.8085. 

EUR/GBP Daily Chart