The currency pair dropped 4.5% after breaking below a head and shoulders neckline at 0.8610, reaching 0.84.
EUR/GBP extended its decline after breaking a head and shoulders neckline at 0.8610, reaching 0.84, its lowest level since June 2023. The move represents a 4.5% drop from recent highs, signaling potential further downside.
The pair had previously traded above 0.88 in early 2024 before reversing course. Analysts noted the break below the 0.8610 support level accelerated selling pressure, with momentum now seen as stretched.
No immediate market reaction data was provided, but the technical breakdown suggests heightened volatility for the cross.