EUR/GBP Technical Analysis: Strong bear breakout exceeds the average daily range

• The bulls failed to break the 0.8800 handle and the bears brought the EUR/GBP currency cross down almost 70 pips. The average daily range on 14 days is 48 pips.  
• The main trend is neutral and the risk is slightly tilted to the downside as the bear broke below 0.8738 swing low (May 24) with a strong impulsive move.
• However, overnight the market might retrace towards the 0.8750 psychological level as some bears take  profits in Asia.

EUR/GBP  15-minute chart

Spot rate:                  0.8734
Relative change:   -0.31%      
High:                         0.8797
Low:                          0.8725

Trend:                        Neutral

Support 1:                0.8712 May 17 low
Support 2:               0.8680 April 26 low
Support 3:               0.8620 April 17 low

Resistance 1:        0.8750 psychological level
Resistance 2:        0.8799 May 23 high
Resistance 3:        0.8844 May 4 high