EUR/GBP Technical Analysis: Bears in control, looking for a breakout below the 0.8700 handle

• Bears broke below the 0.8712 swing low potentially opening the gates to further losses towards the 0.8600 handle.
• Bears will need a strong bear breakout and close below the 0.8700 and the 0.8680 level (April 26 low) in the coming sessions.
• Although the momentum is bearish, a close above 0.8740 (Tuesday’s high) could endanger the bear scenario. 

EUR/GBP 15-minute chart

Spot rate:                0.8705
Relative change:   -0.32%     
High:                        0.8741
Low:                         0.8697

Trend:                      Bearish

Support 1:               0.8680-0.8697 current Tuesday’s low and April 26 low
Support 2:               0.8712 May 17 low
Support 3:               0.8680 April 26 low
Support 4:               0.8620 April 17 low

Resistance 1:         0.8740 Tuesday’s high
Resistance 2:         0.8799 May 23 high
Resistance 3:         0.8844 May 4 high