EUR/GBP Technical Analysis: traders await a descending trend-channel breakout

   •  The EUR/GBP cross has been oscillating within a downward sloping trend-channel over the past one month. 
   •  Short-term technical indicators have gradually moved into positive territory, supporting a bullish bias.
   •  A decisive break through the descending trend-channel would add credence to the positive outlook. 
   •  Sustained weakness back below mid-0.8700s would suggest an extension of the near-term range-bound price action. 

EUR/GBP 4-hourly chart

Spot Rate:  0.8781
Daily High:  0.8788
Trend: Turning bullish

Resistance
R1:  0.8807 (R1 daily pivot-point)
R2:  0.8842 (May monthly swing high)
R3:  0.8849 (200-day SMA) 

Support
S1:  0.8751 (50-day SMA) 
S2:  0.8712 (horizontal level)
S3:  0.8698 (38.2% Fibonacci retracement level)