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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.

United States ADP Employment Change came in at 204K, below expectations (220K) in August

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EUR/JPY slumps below 137.00 on ECB surprise

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