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Euro steadies vs British pound after another rejection near 0.8680

EUR/GBP hovered above 0.8560 as German data was mixed, with Industrial Production up 0.2% in June and the trade surplus slipping to EUR 15.4 billion.

Reported · Written up by our desk · Major Pairs

The euro was steady against the British pound on Friday, trading in a narrow range above 0.8560 after another rejection around the 0.8680 area, according to FXStreet.

FXStreet cited a bearish engulfing candle on Thursday’s daily chart, suggesting the risk of a deeper downside correction for EUR/GBP.

On the macroeconomic front, German data offered little direction, with Industrial Production rising 0.2% in June versus 0.7% in May, while the German trade balance surplus narrowed to EUR 15.4 billion from an upwardly revised EUR 19.4 billion in May.

FXStreet also pointed to central bank divergence, noting the ECB has repeatedly hinted at interest rate hikes in coming months while the Bank of England has a split monetary policy committee, factors that have so far limited the pound’s recovery attempts.

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