Societe Generale analysts, led by Kenneth Broux, report that GBP/USD has broken below its ascending trendline from April 2025 and is extending declines toward the March low. The bank flags resistance near 1.3300 and support at 1.3065/1.3000, noting that failure to reclaim resistance could see the pair test lower projections around 1.2940.

Cable slides after support failure

"GBP/USD has broken below the ascending trendline established since April 2025, extending its decline toward the March low (1.3150). If a short-term rebound develops, the May trough near 1.3300 may serve as initial resistance."

"Failure to reclaim this hurdle may lead to continuation in the decline. Next support levels are seen at the November 2025 low of 1.3065/1.3000, followed by projections around 1.2940."

"GBP/USD: 1.3163 - 1.3230 overnight range. Cable erases 1.32 handle, off 1.6% this week, third worst performer in G10 after NOK and NZD."

"March low of 1.3159 must hold to avoid deeper drop. Support 1.3065, resistance 1.3300."

"The victory of Andy Burnham in Makerfield lifts 10y yields back above 4.80%. The Sonia curve is pricing one rate increase by year-end."

(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor.)