EUR/GBP drops below key support levels after failing at 0.8610, with Societe Generale analysts citing persistent downside momentum for the pair.
The EUR/GBP pair is experiencing renewed downward pressure after failing to overcome the significant technical resistance level at 0.8610, which previously acted as a floor during February and March. By breaking below the July lows, the pair has confirmed a bearish trend, signaling that sellers remain in control of the market momentum.
The key resistance level is 0.8610, which corresponds to previous troughs from February and March.
It indicates a reinforcement of the prevailing downside momentum for the currency pair.
The EUR/GBP currency pair faces renewed selling pressure after failing to clear the 0.8610 resistance level. Societe Generale strategists report that the cross has breached its July lows, signaling a continuation of the prevailing bearish trend.
The outlook is bearish as the pair has failed to break above 0.8610 and has fallen below its July lows, indicating sustained downward pressure.