Cross-rate signals: EUR/GBP forms a spread

Cross-rate EUR/GBP, despite the rapid strengthening of the euro, could not overcome the monthly downtrend and fended from the resistance level of 0.8780-90, indicating the pair’s unpreparedness to break the existing trend.

Fixing the cross below 0.8750 will open the way to support levels: 0.8730-20 and 0.8690-80. Resistance levels are located at the levels: 0.8770 and 0.8790, the upper boundary of the descending channel.