The Euro extends the rally further against the British pound and manages well to finally break above the key barrier at 0.8800 on Thursday amid GBP weakness. EURGBP has moved to a fresh 6-week high of 0.8824, as the British pound comes back under selling pressure towards the 1.2000 level after the release of UK GDP data.
The British Pound struggling to settle above the 1.2100 zone against the US Dollar. The GBP/USD pair started a fresh decline below the 1.2050 support zone. On the other hand, Euro remains steady, and ECB’s hawkish announcements and strong Ifo Business Climate Index figures pushed the euro higher. The German IFO business climate index improved to 88.6 points in December from a revised 86.4 in November.
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