EUR/GBP Technical Analysis: Euro bulls holding tight above 0.8840

• EUR/GBP has been consolidating above the 0.8840 level for the fourth day in a row. Bears want to breakout below 0.8840 and reach the 0.8800 figure.  
• On the other hand, EUR/GBP bulls want the current head-and-shoulder pattern to fail and bring the market above 0.8868 weekly 50-period SMA and the 0.8900 figure.  
• EUR/GBP is trading in a  large trading range and the forces are pretty balanced on each side.

EUR/GBP 15-minute chart  

Spot rate:                0.8844

Relative change:      -0.13%      
High:                       0.8864
Low:                        0.8829

Trend:                     Neutral

Resistance 1:         0.8868 weekly 50-period SMA
Resistance 2:         0.8900 figure  
Resistance 3:         0.8967 March 7 high

Support 1:              0.8822-0.8840 area, 200-day SMA and supply level
Support 2:              0.8800 figure
Support 3:              0.8770 daily 50-period SMA