BT Group tests key support after earnings sell-off

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Dmytro Kharkov

05.06.2026

BT Group tests key support after earnings sell-off

BT Group has approached a key support zone following a mixed quarterly report, which could serve as a starting point for a recovery in bullish momentum.

On May 21, the company reported adjusted revenue of the year was £19.6 billion (€22.66 billion), falling 4% short of market expectations. Performance continues to be weighed down by weakness across several business segments.

Consumer revenue declined by 2%, mainly due to lower mobile device sales. The Business revenue also declined by 2%, reflecting weaker equipment sales and the ongoing reduction in revenue from traditional voice services.

Despite the weak revenue performance, the report also contained several positive developments. The company increased its dividend by 2%, while annual cost savings reached £580 million, confirming the effectiveness of its operational efficiency program.

Following the publication of the report and the conference call, BT-A shares fell by more than 5%.

Technical picture points to a potential rebound

The daily chart of BT-A presents a bullish setup. Following the earnings release, the stock declined by more than 10% and approached a key support zone between GBX 198.65 and GBX 200.This area coincides with a support level formed during February and March of this year, as well as the long-term moving average.

Historically, BT-A shares have rebounded well from the 200-day simple moving average (SMA), as seen during January and February 2025. As a result, the GBX 198.65–200 zone is of particular interest for both short- and medium-term traders.

Potential rebound signals are also supported by emerging bullish reversal candlestick patterns near support and a gradual easing of selling pressure.

At the same time, the RSI (14) has moved close to oversold territory, providing an additional bullish signal.

What's next?

If buyers manage to hold support in the GBX 198.65–200 area, the stock could attempt a move back toward the GBX 213–220 resistance zone.

However, a decisive break below support would be a negative technical signal and could open the door for a decline toward GBX 190.

In the near term, the market's reaction to the GBX 198.65–200 support zone is likely to be the key factor determining the next direction for BT Group shares.

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