EUR/GBP Technical Analysis: Euro bulls challenging the 0.8800 level

• EUR/GBP is evolving in a bull channel but has found resistance at the 0.8800 figure.  
• A breakout above the 0.8800 level should lead to a test of the 0.8826-0.8840 area which is the daily 200-period simple moving average (SMA) and last week’s high.
• However, if the market repeatedly fails at the 0.8800 level, it is reasonable to expect a rotation down towards 0.8759, the daily 50-period SMA.

EUR/GBP 15-minute chart

Spot rate:                0.8787

Relative change:      -0.11%      
High:                       0.8803
Low:                        0.8768

Trend:                     Neutral

Resistance 1:         0.8800 figure
Resistance 2:         0.8826-0.8840 area, 200-day SMA and last week’s high
Resistance 3:         0.8861 weekly 50-period SMA
       
Support 1:              0.8759 daily 50-period SMA
Support 2:              0.8723, 5 June low
Support 3:              0.8700 figure