EUR/GBP fails to clear key resistance – Société Générale

EUR/GBP pulled back after failing to break above resistance at 0.8735/0.8765. While support at 0.8590 and the 50-DMA has held, a sustained rebound toward 0.8700 is possible, though a breach of 0.8590 could trigger a deeper decline, Société Générale's FX analysts note.

Interim low at 0.8590 holds for now

"EUR/GBP encountered strong resistance at graphical levels of 0.8735/0.8765 representing the highs of November 2023 and April. It has staged a quick pullback after this test. The pair has carved out an interim low near 0.8590 and successfully defended the 50-DMA."

"A brief rebound towards 0.8700, the 61.8% retracement of recent decline, cannot be ruled out. There will be a risk of a deeper decline if the recent pivot low of 0.8590 is breached."

Aug 21, 2025

EUR/GBP hovers around 0.8650 following PMIs from UK, Eurozone

EUR/GBP remains steady after registering gains in the previous session, trading around 0.8660 during the European hours on Thursday. The currency cross moves little following the release of mixed S&P Global UK Purchasing Managers’ Index (PMI) data.

GBP/USD: Risk is still tilted to the downside – UOB Group

Price action remains soft, and the risk is still tilted to the downside; the major support is probably out of reach for now. In the longer run, GBP is now neutral; it is likely to trade in a range between 1.3415 and 1.3585, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.