The pair will break down from an uptrend channel support line, sending the pair lower towards its May 2020 low. The European Union came under pressure after UK Prime Minister Boris Johnson said that Britons should be ready for a no-deal Brexit. Initially, a hard Brexit could cost the British economy of around $25 billion by 2021. However, it is already contributing $17 billion to the EU budget in 2019. This means that it has a lower downside from its withdrawal. Meanwhile, the EU will lose its third-largest member and second-highest paying member. The European Union has two (2) choices. On one hand, the EU should benefit from the UK’s departure. However, this is unlikely as Britain is expecting to also benefit from its withdrawal rather than to lose something from it. On the other hand, the trading bloc must compromise to ensure a smooth Brexit transition. However, this will also trigger more EU member states to withdraw from the bloc.