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

After a second wave of euro growth based on the publication of the ECB protocol, the EUR/GBP cross-rate again tested the resistance level of 0.8890-0.8900, which corresponds to the upper limit of the descending channel, formed since October last year.

Given the safety of the downtrend and the lack of updating the recent high at around 0.8930, one should expect a second decline. Closing of the day below the level of 0.8890-80 will indicate the possibility of renewal of the decline and correction, which will open the way to the support levels: 0.8810-00 and 0.8780. The resistance level test: 0.8910 and 0.8930 will call into question the safety of the overall downtrend and will cancel the scenario for a decline.

Fig. EUR/GBP. The current price is 0.8890.

Hanzenko Anton