I too have suffered a massive increase in anxiety after starting oestrogel and utrogestan and I am convinced it is caused by HRT as anxiety only became the main issue since starting HRT in April - before that low mood and physical symptoms were main concern. I am experimenting with the dose of oestrogen and have gone right down to 1 pump every other day - already I have noted I do get a sudden rise in physical anxiety sensations 2-3 hours after applying the gel, which fades across the following 12 hours, but only been doing this a few days so can't yet establish a pattern (although I have a hunch oestrogen is causing the anxious feeling already because when on Femoston I was more anxious when on the oestrogen only tablet). However, I am also sure the oestrogen has helped to alleviate my mood as I am getting more things done and experiencing more enjoyment and interest in stuff. I will add the utrogestan part in after a couple of weeks and again monitor anxiety levels as it could be both that contribute. If it doesn't settle over 3 months despite me tweaking the regime I will ask to change onto a different HRT when I see specialist. Already tried Femoston 2/10 which was good for some of the time, but anxiety really bad overall, however, it maybe I should have tried 1/10.
The problem is taking HRT for perimenopause requires a clear head and a plan, both which are in short supply currently because of the HRT and perimenopause!
Rosenheath - Great advice about hanging in there, and can I borrow your shears