Cross-rates signals: EUR/GBP returns to the channel

After working off the signal “double bottom”, which brought up to 80 points, this cross-rate fought off the level  0.9020, the maximum of October. By doing this, it formed pinbar on the daily timeframe, which indicates the resumption of the downtrend and the pair’s return to the trading range of October.

At the moment, EUR/GBP cross-rate is below the support zone 0.8930-50, which opens the way for sellers to the levels 0.8890 and 0.8860 (Fibo. 23.6 from the August maximum). Also, this downward trend will be limited to the lower limit of the overall upward trend in the cross at 0.8830-00. Resistance levels are: 0.8950 and 0.9000.

Hanzenko Anton