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EURGBP holds in a narrow range after a new 1-year low
The pair is also set for a third straight weekly loss, with resistance near 0.8543 to 0.8553 flagged as prior technical break levels.
EURGBP is trading within a tight consolidation on Thursday after posting a new over one-year low during a recent bearish acceleration, according to Action Forex.
The outlet said the pair is on track for its third consecutive strong weekly decline, pointing to Sterling gaining support as political conditions have reportedly calmed following PM Starmer’s resignation, despite ongoing uncertainty around the prospects for a new prime minister and policy direction.
Action Forex highlighted that oversold conditions on the daily chart could lead to a brief pause or a limited corrective bounce, but it expects any stronger rebound attempts to be capped under the 0.8600 area.
On the technicals, the analysis cited initial resistance near 0.8543 and 0.8553, and it noted that keeping weekly closes below those levels would reinforce the broader bearish structure.