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

After the pair EUR/GBP accelerated the decline on repulsion from the resistance level of 0.8890, which corresponds to the upper limit of the descending channel, the expectations were confirmed for the resumption of the downtrend. This movement was described in this forecast.

The EUR/GBP pair tested 0.8810 support, and this cross remains in a sideways trend, forming an “inverted flag”. In its turn, the breakthrough of support 0.8810-00 will indicate the development of the “double top” figure, which will indicate the pair’s decline to the support levels: 0.8750 and 0.8730.

Fig. EUR/GBP H4. The current price is 0.8830.

Hanzenko Anton