EUR/GBP extends its gains for the third successive session, trading around 0.8460 during the European session on Monday.
EUR/GBP gains ground as the BoE dovish pause increased expectations for a rate cut in August. The Euro could struggle due to uncertainties surrounding the outcome of a snap election in France. The headline German IFO Business Climate Index fell to 88.6 in June from 89.3 in May. The British Pound remains under pressure following the Bank of England's dovish pause last week, which increased expectations for an interest rate cut at the August monetary policy meeting.
The EUR/GBP cross may limit its upside as the Euro could struggle due to uncertainties surrounding the outcome of a snap election in France, fueling concerns that a new government might worsen the fiscal situation in the Eurozone's second-largest economy. On Monday, the headline German IFO Business Climate Index fell to 88.6 in June from 89.3 in May, coming in below the market expectation of 89.7. The Current Assessment Index remained unchanged at 88.
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