EUR/GBP forms a reversal

The cross rate of EUR/GBP exacerbated the pessimistic moods regarding the British currency, amid aggravating uncertainty around Brexit and voting on the deal in the UK Parliament on March 12-13. It forced the EUR/GBP pair to move away from the 0.8530-50 zone and form a reversal. If the weakening of the British against the euro continues, and this cross will consolidate above the 0.8600-30 zone, there is every reason to start working out the “double bottom” pattern. In turn, this will open the way to resistance levels: 0.8690 and 0.8740. Support is located at the levels: 0.8550 and 0.8580, the update of which cancels expectations for growth after fixing above the 0.8600-30 zone.

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Hanzenko Anton

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