31.03.2026 12:28

Societe Generale strategist KennethBroux and his team point out that the euro‑pound pair recovered from the February support around 0.8610 and is now edging toward its 200‑day moving average. The analysts flag resistance at 0.8720 and 0.8765, cautioning that a slip below the 0.8630 level could reignite the broader downtrend in the cross rate in the near term.

According to the research, “EUR/GBP successfully defended the visual support at 0.8610, which marks the February trough, and has since produced a modest rebound to the 200‑day moving average.” They add, “It will be crucial to see whether the pair can sustain a position above that moving average.”

The note further highlights “The next resistance zones are projected at 0.8720, followed by the upper bound of the descending channel near 0.8765.”

“Should the pair fail to hold above last week’s low of 0.8630, it may trigger a renewed downward movement,” they warn. “Technically, the cross remains soft; the key question is whether it can establish a higher low above 1.1411 and launch a recovery toward April,” the report concludes.

*(This commentary was generated with AI assistance and reviewed by an editor.)*