EUR/GBP Technical Analysis: Euro bulls slow down near 0.8800 level

• EUR/GBP bulls tried to break above the 0.8800 level on Monday but the move up is lacking bullish momentum. It is worth recalling EUR/GBP was unable to conclusively break above the 0.8800 last week.
• EUR/GBP is trading within a bullish channel, however, bears see it as a bear flag which can potentially breakout to the downside.  
• On the flip side, a strong bull breakout above 0.8800 can lead to a retest of the 0.8822-0.8840 area, the 200-day simple moving average and supply level.

EUR/GBP 15-minute chart

Spot rate:                0.8798

Relative change:     0.11%     
High:                       0.8811
Low:                        0.8780

Trend:                     Neutral

Resistance 1:         0.8800 figure
Resistance 2:         0.8822-0.8840 area, 200-day SMA and supply level
Resistance 3:         0.8861 weekly 50-period SMA
 
Support 1:              0.8763 daily 50-period SMA     
Support 2:              0.8720, June low
Support 3:              0.8700 figure
Support 4:              0.8620 April 17 swing low