EUR/GBP extends gains near 0.8720 ahead of German data

EUR/GBP receives upward support before the releases of economic data from Germany. German GDP is expected to decline by 0.3% ; the yearly index suggests a 0.7% decrease. Investors adopt cautious stance ahead of the BoE policy meeting. pport ahead of the key economic data releases from Germany. However, the preliminary German Gross Domestic Product is anticipated to shrink by 0.3% quarter on quarter, with the yearly index poised for a 0.7% decrease compared to the 0.

On the other side, the Pound Sterling faces challenge as the traders adopt cautious stance ahead of the Bank of England policy meeting scheduled on Thursday, with widespread anticipations that the central bank will maintain the current interest rates at a 15-year high of 5.25% over growing fears about recession. The United Kingdom's economy is feeling the pinch of elevated interest rates, compounding the challenges posed by persistent inflation.

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