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EUR/GBP higher in London at 0.8575 ahead of German IFO

FXstreet.com (London) - EUR/GBP has edged higher before the release of Germany’s IFO Germany’s IFO coming up in a moment which will likely receive more attention than the GDP did earlier this morning. Unchanged readings from April are expected.

The pair is open markedly higher than trade of yesterday, some 40 pips higher, on a weaker outlook for the UK economy. IMF warned the UK is a long way from a strong and sustainable recovery. Things are appearing to be gloomy in the news again for the pound, with a Dovish set of minutes which were released this week, with an MPC voting unanimously to keep rates on hold and voted 6-3 in favour of maintaining the asset purchase target at £375bn. Moreover, incoming BoE govener Carney isn’t likley to rush to change policy in July. The pair is trading above key support line at 0.8500, before then it is being supported at 0.8530 with reistance sighted at 0.8600 and 0.8635 and 0.8660.

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