The pound euro (GBP/EUR) exchange rate is unchanged on Thursday, holding below €1.1875.
The euro is flat despite the ECB cutting interest rates for an eighth time. The ECB cut rates by 25 basis points to 2%, in line with expectations.
The central bank lowered its inflation and growth forecast. However, ECB President Lagarde said that the central bank was nearing the end of its rate-cutting cycle.
The pound showed resilience despite UK construction activity contracting for a fifth straight month. UK construction firms also slashed their headcount amid rising wage costs and falling demand.