EURGBP Hits New Multi-Month Low but Very Strong Supports at 0.8600 Zone Still Hold

EURGBP hit the lowest since 15 Aug 2025 on Wednesday on probes through key supports at 0.8610 zone (multi-month higher base).

The pair remains firmly in red, following Monday’s 0.8% drop (the biggest daily drop since 25 July last year) with long upper shadow on Tuesday’s daily candle, pointing to strong offers.

Series of lower tops since mid-November 2025 define the downtrend, but formation of higher base at 0.8610 zone, where several downside attempts have so far been contained, warn that bears might be rejected here again.

Rising negative momentum and RSI showing more space to the downside on daily chart, contribute to bearish scenario in which firm break of 0.8610 base and 0.8600 (200WMA) would signal bearish continuation and expose next strong support at 0.8552 (50% retracement of 0.8239/0.8865 / 100WMA / weekly cloud base).

On the other hand, bears may pause again above 0.8600 zone, with limited upticks (ideally to be capped under 0.8640 zone) to provide better levels to re-join bearish market.

Res: 0.8626; 0.8640; 0.8656; 0.8670
Sup: 0.8600; 0.8552; 0.8507; 0.8478