EUR/GBP collapses after ECB's cut

FXStreet (San Francisco) - The Euro is trading under pressure across the board following the surprising ECB decision to cut rates. Against the Pound, there is not an exception as the EUR/GBP is testing now the 0.7925 after a 60-pip down movement.

Currently, EUR/GBP is trading at 0.7935, down 0.69% on the day, having posted a daily high at 0.7995 and low at 0.7930. The FXStreet OB/OS Index is reflecting oversold hourly conditions, while the FXStreet Trend Index is slightly bearish.

EUR/GBP levels

If the pair continues to fall, it will face supports at 0.7925, 0.7900 and 0.7890. On the upside, resistances are at 0.7960, 0.7975 and 0.8000.