EUR/GBP Exchange Rate History
A decade of Euro–British Pound movements, with the events that drove them.
EUR/GBP 10-year snapshot
EUR/GBP currently sits roughly 62% through its 10-year range — in the middle of the decade range.
The last decade in EUR/GBP
EUR/GBP is the cross between the UK's and Europe's currencies — a pair dominated by Brexit, ECB-BoE policy divergence, and inter-European trade flows. Over 2016–2026, EUR/GBP traded between 0.82 (early 2022 BoE hawkish lead) and 0.94 (October 2022 Truss crisis). The pair has structurally weakened toward 0.85+ since Brexit, reversing the 0.70-0.80 range of the pre-2016 era.
Long-term trend
Structurally weaker GBP since Brexit — EUR/GBP averaged 0.78 in the 2010-2015 era and has averaged 0.86 since 2017. The pair has not retested its pre-Brexit range. Within the post-Brexit era, EUR/GBP moves on BoE-ECB policy divergence, UK political events, and UK-EU trade relationship news (Windsor Framework, Northern Ireland Protocol).
Key events
Brexit referendum
GBP's overnight Brexit collapse drove EUR/GBP to multi-year highs. The structural Brexit discount has persisted in EUR/GBP for nearly a decade.
EUR/GBP rose from 0.77 (referendum day) to 0.92 (October 2016) — a 19% move in four months.
COVID + Brexit final-deal uncertainty
Pandemic stress combined with year-end Brexit final-deal negotiations drove EUR/GBP volatility. The pair briefly hit 0.95 before settling.
EUR/GBP spiked from 0.85 to 0.95 in March 2020, then settled to 0.90 through year-end.
BoE leads ECB in tightening
The BoE began raising rates in December 2021 while the ECB waited until July 2022. The 50-100bp BoE lead drove EUR/GBP to multi-year lows.
EUR/GBP fell from 0.85 (December 2021) to 0.82 (February 2022) — GBP's strongest performance vs EUR in 5+ years.
Truss mini-budget — EUR/GBP spikes
The UK fiscal crisis triggered by the Truss government drove the largest EUR/GBP spike since Brexit. GBP weakened across all majors but most dramatically vs EUR given the UK-specific shock.
EUR/GBP rose from 0.88 (Sept 22) to 0.94 (Sept 26) — a 7% move in four days.
BoE begins cutting before ECB
BoE cut rates in August 2024 while ECB initially held. The reversed policy divergence pushed EUR/GBP higher despite both central banks ultimately easing.
EUR/GBP rose from 0.84 (August) to 0.87 (December 2024).
UK economic recovery surprises
UK Q2 2025 GDP printed at +0.8% — well above consensus +0.3% — while Eurozone growth disappointed. GBP rallied against EUR.
EUR/GBP fell from 0.87 to 0.83 between August and December 2025.
Practical takeaway
For UK travelers to Europe (or Europeans to the UK), EUR/GBP has been a "ranging" pair within the post-Brexit 0.82-0.94 band. Watch the BoE-ECB rate differential — when the BoE is more hawkish than the ECB, EUR/GBP falls (GBP strengthens). UK political risk produces sharp short-term spikes that typically reverse within months.
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Frequently asked questions
Why is EUR/GBP less volatile than EUR/USD?
The UK and Eurozone are major trading partners with intertwined economies, so both currencies often move in the same direction against USD — muting their move against each other. EUR/GBP typically has daily ranges of 30–60 pips, compared to 60–120 pips for EUR/USD.
What was the highest EUR/GBP has traded?
EUR/GBP hit 0.9805 on December 30, 2008 — during the depths of the global financial crisis when GBP was hammered by UK banking-sector collapse fears. The Truss mini-budget crisis of September 2022 came close to retesting that level, hitting 0.939 before reversing.
Will EUR/GBP return to pre-Brexit levels?
Unlikely without a major Brexit unwind. The 0.70-0.80 range of 2010-2015 reflected a UK economy with full EU single-market access. The post-Brexit structural discount in GBP would only reverse on either: substantial UK-EU integration (politically improbable), or major Eurozone-specific weakness that drives EUR down more than GBP's structural challenges.
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