Cross-rate signals: EUR/GBP is near significant resistance

After the rapid growth of the pair EUR/GBP on the development of the “double bottom” figure and weak data on business activity in the services sector in the UK, this pair came very close to the upper boundary of the descending channel, which can be traced from October last year. In the absence of negative statistics on the UK, one should expect a resumption of the downward dynamics of the EUR/GBP pair.

The main resistance zone is located at the levels: 0.8880, 0.8900 and 0.8930. A repulsion from these levels will indicate the return of the EUR/GBP cross to the downtrend, which in turn will open the way to the support levels: 0.8810-00, 0.8750-30 and 0.8700.

Fig. EUR/GBP. Current price – 0.8660

Hanzenko Anton