EUR/GBP Technical Analysis: rejected near 0.8800 handle

   •  Bullish momentum once again fizzles out ahead of the 0.8800 handle.
   •  Hotter-than-expected EZ CPI fails to provide any fresh bullish impetus.
   •  Italian 2-yr yield rise 40bps from lows and negatively impacts EUR.
   •  Weakness back below mid-0.8700s to expose descending trend-channel support. 

EUR/GBP 4-hourly chart

Spot rate:        0.8763
Trend:              Sideways

Support 1:        0.8754 (daily pivot-point)
Support 2:        0.8731 (23.6% Fibonacci retracement)
Support 3:        0.8698 (weekly/1-month low)

Resistance 1:   0.8791 (daily swing high)
Resistance 2:   0.8810 (R1 daily pivot point)
Resistance 3:   0.8842 (May 4th/monthly high)