EUR/GBP Technical Analysis: Euro bulls flexing muscles for trend resumption above 0.8940 level

• EUR/GBP broke above the bearish trendline from August 9 as bulls are trying to re-establish the main bullish trend.  
• Bulls are trading above the 50, 100 and 200-period simple moving average for the first time in the last four days suggesting that bulls are getting some traction. The extra-confirmation of the bull trend resumption will be on a strong breakout above Tuesday’s high at 0.8940. Targets to the upside are located near 0.8965 and 0.9000 figure.  
• A bear breakout below 0.8900 would invalidate the bullish bias.  

EUR/GBP 15-minute chart

Spot rate:                0.8930

Relative change:      0.13%      
High:                       0.8936
Low:                        0.8901

Main Trend:            Bullish

Resistance 1:         0.8940 August 14 high
Resistance 2:         0.8965 supply/demand level
Resistance 3:         0.9000 figure

Support 1:              0.8900 July 9 high
Support 2:              0.8868, 13 July high
Support 3:              0.8840 supply level