EUR/GBP Technical Analysis: Bears attempt to break the November low as positive Brexit headlines embolden Sterling

• EUR/GBP is trading in a bear trend below its 200-period simple moving average (SMA).
• EUR/GBP fell to the November low as UK Cabinet is expecting the backstop text to be completed today, according to Bloomberg.  
• EUR/GBP bears will need to break below 0.8700 on a daily closing basis to remove the possibility of a failed bear breakout below the level. Technical indicators remain negative suggesting a negative bias on the currency cross.  

EUR/GBP 4-hour chart

Main Trend:            Bearish

Resistance 1:              0.8722 October low
Resistance 2:              0.8752 October 16 low
Resistance 3:              0.8800 figure
Resistance 4:              0.8847 September 20 low  
Resistance 5:              0.8876 September 11 low

Support 1:              0.8700 figure
Support 2:              0.8665 March 22 low
Support 3:              0.8600 figure

Additional key levels at a glance: