EUR/GBP Technical Analysis: fails to confirm a bullish breakthrough a descending channel

   •  Bulls struggled to sustain above 0.8800 mark after upbeat UK manufacturing PMI.
   •  Fresh selling could drag it back towards 50-period SMA support on 4-hourly charts.
   •  A follow-through weakness might again expose descending trend-channel support. 

EUR/GBP 4-hourly chart

Spot rate:        0.8786
Daily High:      0.8809
Trend:              Turning bearish again

Support 1:        0.8760 (50-period SMA H4)
Support 2:        0.8721 (S3 daily pivot-point)
Support 3:        0.8698 (weekly/1-month low)

Resistance 1:   0.8809 (daily swing high)
Resistance 2:   0.8830 (R2 daily pivot point)
Resistance 3:   0.8842 (May 4th/monthly high)