EUR/GBP Technical Analysis: Euro bulls start to run out of steam at weekly high near 0.8800

• EUR/GBP tried to break above the 0.8800 level but bears are now selling EUR/GBP as it broke near weekly highs. 
• If bears are successful traders should expect a rotation down towards 0.8761, the daily 50-period simple moving average. 
• If bulls can keep the market afloat the next target is likely located near the 0.8826-0.8840 area, the 200-day SMA and last week’s high.

EUR/GBP 15-minute chart

Spot rate:                0.8792

Relative change:     0.32%     
High:                       0.8807
Low:                        0.8751

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:              0.8761 daily 50-period SMA     
Support 2:              0.8720, June low
Support 3:              0.8700 figure
Support 4:              0.8620 April 17 swing low