EUR/GBP looks to extend gains beyond 0.8600 post mixed UK data

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  • 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 1.5% in April. The Construction Output jumped 77.9%. The Industrial Production shrank to 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 to 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. ECB in its latest policy meeting kept the interest unchanged but vowed to continue with the bond purchasing program to boost the economy. 
 

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