EUR/GBP Technical Analysis: EUR/GBP bears picking up pace below 0.8900 level

• EUR/GBP slid through the 0.8900 support and bears are now eyeing 0.8868, 13 July high. The 0.8900 level becomes now resistance for upside moves.  
• The move lower on EUR/GBP was triggered by UK Prime Minister Theresa May announcing that she would take control of the Brexit negotiations while Parliament now takes a six-week summer recess which could give rise to a lift in the pound in the absence of further Brexit headlines.
• EUR/GBP is trading below its three main simple moving averages (50, 100 and 200) suggesting that the bias has switched to bearish for the time being.  

EUR/GBP 15-minute chart  

Spot rate:                0.8887

Relative change:     -0.41%      
High:                       0.8929
Low:                        0.8885

Trend:                     Bullish / Risk of bearish reversal

Resistance 1:         0.8900 July 9 high
Resistance 2:         0.8933 July 18 high
Resistance 3:         0.8967 March 7 high
Resistance 4:         0.9013 November 12, 2017 high

Support 1:              0.8868, 13 July high
Support 2:              0.8840 supply level
Support 3:              0.8820-0.8840 area, 200-day SMA  
Support 4:              0.8800 figure
Support 5:              0.8780 daily 50-period SMA
Support 6:              0.8764 June 8 low