EUR/GBP Technical Analysis: Bulls testing breakout point at 0.8800 after Euro surges to 0.8840

• EUR/GBP broke strongly above the 0.8800 key resistance in early European trading. The market has since retraced and is now testing  the breakout point in the  0.8792-0.8800 area.
• The bulls have open the gates above an important daily trendline suggesting that EUR/GBP might  be supported and higher prices are likely in the coming sessions.
• Support is expected at 0.8792 breakout point and the 100-period SMA (M15) as well as 0.8752 daily 50-period simple moving average (SMA).  

EUR/GBP 15-minute chart  

Spot rate:                  0.8806
Relative change:       0.32%      
High:                         0.8840
Low:                          0.8776

Trend:                        Bullish

Support 1:                0.8792 breakout point and 100-period SMA (M15)
Support 2:                0.8752 daily 50-period SMA
Support 3:                0.8723 current weekly low

Resistance 1:         0.8811 last week’s high
Resistance 2:         0.8842 200-day SMA
Resistance 3:         0.8900 round figure