EUR/GBP Technical Analysis: overnight retracement slide tests 100-hour SMA

   •  Overnight move beyond a short-term descending trend-channel would now be seen as a fake-out and the retracement slide seems more likely to get extended.
   •  Weakness below 100-period SMA on the 1-hourly chart would reinforce the negative outlook and accelerate the fall back towards the 0.8750-40 support area.
   •  The trend-channel resistance, near the 0.8800 handle, might keep a lid on any meaningful up-move ahead of the forthcoming ECB meeting next week.

EUR/GBP 1-hourly chart

Spot Rate:  0.8774
Daily High: 0.8799
Trend: Turning bearish again

Resistance
R1:  0.8800 (round figure mark)
R2:  0.8838 (overnight swing high)
R3:  0.8874 (mid-March swing high)

Support
S1:  0.8753 (50-day SMA)
S2:  0.8738 (S2 daily pivot-point) 
S3:  0.8724 (Monday's weekly low)