EUR/GBP Technical Analysis: Bears await a convincing break through mid-0.8800s

   •  Over the past one week or so, every attempted recovery moves have been sold into near 200-hour SMA, though bullish trader showed some resilience near mid-0.8800s.

   •  Technical indicators on hourly/daily charts have been gaining negative momentum and support prospects for an extension of the near-term bearish trajectory.

   •  Traders, however, are likely to wait for a convincing break through the mentioned support before positioning for any further depreciating slide in the near-term. 
 

EUR/GBP 1-hourly chart

Spot Rate: 0.8867
Daily High: 0.8876
Daily Low: 0.8854
Trend: Bearish below mid-0.8800s

Resistance
R1: 0.8883 (daily pivot-point)
R2: 0.8895 (horizontal zone)
R3: 0.8918 (weekly tops set in the previous session)

Support
S1: 0.8854 (current day swing low)
S2: 0.8840 (200-day SMA)
S3: 0.8823 (S2 daily pivot-point)