Since April, the EUR/GBP has been under constant selling pressure.
As the Delta variant spread, the Eurozone imposed new COVID-19 restrictions.
Despite the potential of a new variation threat, the pound continues to rise as the economy prepares to open on July 19.
In the Asian session on Wednesday, the EUR/GBP fell slightly. The pair began near 0.8600 but failed to maintain its upward momentum, drifting to the downside.
The EUR/GBP currency pair is currently trading at 0.8593, down 0.03 percent on the day.
The common currency was unable to benefit from Tuesday’s positive economic data.
In June, the Eurozone Economic Sentiment Index rose to 117.9, exceeding market estimates of 116.5. In June, the Industry Confidence Index increased by 12.7 points, compared to the market consensus of 12.3.
The reopening of the economy helped boost Eurozone Consumer Confidence to -3.3 in June, up from -5.5 the previous month.
On the other hand, stronger Consumer Credit boosted the pound, which climbed by GBP 0.28 billion, much exceeding market estimates of GBP 0.24 billion growth. For the first time in the preceding nine months, the reading increased.
Furthermore, the UK Department for Business, Energy and Industrial Strategy stated that the UK government has outlined its post-Brexit method for regulating company subsidies in order to make faster judgments than when the UK was a member of the EU.
The shared currency is weighed down by the growth differentials between the UK and the EU, as well as the central bank’s forecast on interest rates.
Traders are currently waiting for a deluge of data: Unemployment Change and Rate in Germany, Core Inflation in the Eurozone, UK Current Account Data, and GDP Growth Rate
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