Cross-rates signals: EUR/GBP retains the potential to decrease

The cross EUR/GBP was already mentioned and it was said about the signal to decline. But, despite the signal, this pair continued to move near a significant resistance 0.8890-0.8900.

Additional confirmation of the resumption of the decline in the EUR/GBP pair and the exit from the side trend was the formation of the figure “head and shoulders.” On older timeframes this will allow the pair to develop a downward trend to the support levels: 0.8830-10 and 0.8750. Also, do not forget about the downward trend of the pair, which can be traced from October last year. The stops are located at the levels of 0.8900-10 and 0.8930. The breakthrough of these levels will cancel the possibility of the development of the figure and will call into question the safety of the downtrend.

Fig. EUR/GBP. The current price is 0.8880.

Hanzenko Anton