EUR/GBP hits 0.8720 after falling further from 0.8842 (early Europe high)

0.8720 is lowest level since December 20 (0.8711 was low that day)

Drop to 0.8720 spurred by steep losses for European bank shares nL4N35N192

Bank rout sees markets scale down chance of 50 bps ECB rate hike Thursday

Bids may emerge circa 0.8696 if EUR/GBP extends south. 0.8696 = GBP/EUR 1.15

UK budget: Economy set to avoid recession this year, Hunt says nL8N35N1F5