EUR/GBP looks to extend gains beyond 0.8600 post mixed UK data
|- EUR/GBP is edging higher in the European trading session.
- The Euro gains on upbeat economic outlook and growth projections.
- GBP remains in dismay amid dismal GDP numbers, delay in economic reopening
The EUR/ GBP price gathers momentum on Friday in the European trading hours. The cross-currency pair recovers part of its previous day’s losses.
At the time of writing, EUR/GBP trades at 0.8597, up 0.18% for the day.
The British pound suffers at the hand of mixed economic data. The Gross Domestic Product (GDP) rose 2.3% in April. The Construction Output jumped 77.9%. The Industrial Production shrank by 1.3% in April against the market expectations of 1.2%.
In addition to that, the discussions among the UK policymakers on postponing the complete re-opening of the economy on June 21 due to the Indian variant also weighed on the British pound.
Meanwhile, the EU pledges a firm response as Brexit tension escalates on disagreement over the Northern Ireland protocol.
On the other hand, the shared currency gained after Germany posted an increased 9.7% rise in Wholesale prices. The ECB, in its latest policy meeting, kept the interest unchanged but vowed to continue with the bond purchasing program to boost the economy.
EUR/GBP additional levels
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.