EUR/GBP Technical Analysis: rebounds sharply from a descending channel support

   •  Bears struggled to push it through a short-term descending channel formation on hourly charts.
   •  Momentum beyond 0.8765 to open room for further gains towards the 0.8800 handle.
   •  Risks losing bullish momentum only if weakens back below 0.8725 horizontal zone.

EUR/GBP 4-hourly chart

Spot rate:                0.8756
Daily Low:              0.8698
Trend:                      Bullish

Support 1:               0.8717 (daily pivot point)
Support 2:               0.8698 (one month low)
Support 3:               0.8621 (April 17 low)

Resistance 1:         0.8774 (R3 daily pivot)
Resistance 2:         0.8796 (100-day SMA)
Resistance 3:         0.8857 (200-day SMA)