Credit Suisse being flooded with money even though it has not declared bankruptcy is a clear continuation of the banking crisis that began a week ago. This shows that the bank could not meet its obligations due to lack of liquidity.
Because of the news, euro fell by 200 points, bringing pound along with it. There were also rumors that European Central Bank is going to raise rates by 25 bp instead of the previously expected 50 bp. If Christine Lagarde really focuses on the resilience of the banking system, there will be a sharp turn in the approach to monetary policy. It will also warn that the European economy is indeed in serious trouble.
That being said, EUR/USD collapsed by 200 pips, bringing the quote to 1.0516. The strong overheating of short positions caused a technical pullback, which is likely to remain until a new information flow emerges.
The situation is similar with GBP/USD, but the difference is that the quote is at the psychological level of 1.2000. Going below 1.2000 will jump-start a price increase.