EUR/GBP Technical Analysis: Bounces off 7-month lows, descending trend-channel support

   •  Having dropped to over seven-month lows, the cross staged a modest recovery from a support marked by a short-term descending trend-channel. 

   •  Technical indicators on the 1-hourly chart have been gaining positive momentum and remained supportive of the pair's rebound to the trend-channel resistance. 

   •  Meanwhile, technical indicators on 4-hourly and daily charts are still far from recovering from the bearish territory and might hinder any further recovery.

   •  Hence, any subsequent recovery seems more likely to run out of the steam/meet with some fresh supply near the 0.8750 important horizontal resistance.

EUR/GBP 1-hourly chart