The increasing selling pressure on the single currency is sending EUR/GBP to quickly break below the 0.7700 support and extend the drop to the mid-0.7600s. EUR/GBP in 5-week lows The European cross is testing multi-week lows following the surprising move by the ECB, lowering all of its benchmark rates and expanding its monthly purchases to €80 billion staring in April. The central bank cut the interest rates on the main refinancing operations, the deposit lending facility and the marginal lending facility by 5 bp, 10 bp and 5 bp, to 0.00%, -0.40% and 0.25%, respectively. The move has caught markets off guard, where ‘some’ further easing was nonetheless expected. EUR/GBP key levels The European cross is now down 1.03% at 0.7659 and a breakdown of 0.7639 (55-day sma) would expose 0.7600 (psychological handle). On the other hand, the next hurdle lines up at 0.7780 (20-day sma) ahead of 0.7931 (high Feb.25) and then 0.7977 (high Dec.1 2014). For more information, read our latest forex news.