BT Group shares lose momentum as hawkish BoE offsets earnings beat
BT Group’s strong half-year results were quickly overshadowed by a more hawkish Bank of England backdrop. With shares pulling back from GBX 247.3, holding GBX 225 remains crucial to preserving the bullish structure.
230.70
247.30
BT Group reported its first-half FY2027 results on 5 November. Revenue rose 1% to £8.75 billion, while adjusted EBITDA reached £4.1 billion. Normalised free cash flow, however, fell 59% to £236 million. One positive development was continued growth at Openreach, where the number of connections surpassed 10 million. Second-quarter results came in ahead of analysts’ expectations.
The positive reaction to the results was soon tempered by macroeconomic pressure. On 5 November, the Bank of England raised interest rates by 25 basis points to 4%, while warning that inflation could accelerate to around 5% by mid-2027.
Holding GBX 225 remains key to preserving BT Group's bullish structure
Following the results, BT Group shares reached a new local high of GBX 247.3. Profit-taking emerged almost immediately, however, sending the price back towards the previously identified GBX 225 support level.
Given the broader market backdrop and an overbought RSI (14), the risk of a further decline towards GBX 220 remains high. A break below that level followed by a sustained move lower could accelerate the fall into the GBX 217–215 zone.
As long as GBX 225 holds, however, the bullish structure remains intact. A move back above GBX 236 would invalidate the downside scenario and could put the recent local high back in focus.
Hawkish BoE adds pressure despite stronger earnings
Despite BT Group’s solid results, the Bank of England’s hawkish stance creates an additional headwind for the shares. Higher interest rates and a worsening inflation outlook contrast with the improvement in the company’s operating performance.
Geopolitical instability is adding further pressure by keeping energy prices elevated. In these conditions, even a strong earnings report does not guarantee that the upward move will continue.
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