EUR/GBP Technical Analysis: Euro consolidating recent drop above 0.8800 level

• EUR/GBP finally dropped after the formation of the head-and-shoulder pattern as EUR/GBP is now consolidating above the 0.8800 level.
• EUR/GBP is now trading below the 50, 100 and 200-period simple moving averages on the 15-minute chart suggesting a downward bias.  
• If the bears keep the current momentum the next support to the downside is seen near the 0.8800 figure and 0.8764 June 8 low.  

EUR/GBP 15-minute chart  

Spot rate:                0.8808

Relative change:     -0.03%      
High:                       0.8842
Low:                        0.8799

Trend:                      Beraish

Resistance 1:         0.8822-0.8840 area, 200-day SMA and supply level
Resistance 2:         0.8868 weekly 50-period SMA
Resistance 3:         0.8900 figure  
Resistance 4:         0.8967 March 7 high

Support 1:              0.8800 figure
Support 2:              0.8780 daily 50-period SMA
Support 3:              0.8764 June 8 low