EUR/GBP edges higher to near 0.8460 during the early European session on Monday.
EUR/GBP gains ground as German Trade Balance increases to €24.9 billion in May. The Euro may struggle due to political uncertainty in France. The Pound Sterling could limit its downside due to positive sentiment following the Labour Party's landslide victory. This upside could be attributed to the higher-than-expected German Trade Balance. The trade surplus increased to €24.9 billion in May, surpassing the market expectations of €20.3 billion and the previous reading of €22.2 billion .
In the United Kingdom , the Pound Sterling receives support due to positive sentiment following the Labour Party's landslide victory in the 2024 general election. Labour won 410 seats, a significant increase of 212 seats from the 2019 elections. In the absence of high-priority data from the UK, traders are likely to focus on the releases of BRC Like-For-Like Retail Sales on Tuesday and Gross Domestic Product figures on Thursday.
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