Cross – rates signals: EUR/GBP is trading in the side triangle
After almost a month of movement in an uptrend, the cross EUR/GBP went to flat, forming a side triangle. The reason for such a move was the resignation of British Prime Minister T. May, which in itself retains significant risks for both the Brexit deal and the UK government.
The formation of the triangle by the EUR/GBP cross is a reflection of the uncertainty in the market. The overall risks for Brexit and technology tend towards the further growth of this pair on the risks. The growth of EUR/GBP is expected to consolidate above 0.8830-50. Objectives and significant resistance during the resumption of growth are located at the levels: 0.8880 and 0.8900.
In case of breaking the triangle down and fixing the pair below 0.8810-00, we can expect a decline to the support levels: 0.8770 and 0.8750.
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Hanzenko Anton
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