The euro struggled to find clear direction against the British pound, leaving EUR/GBP broadly rangebound even after stronger-than-expected German industrial production and trade figures provided only a brief lift. The pair had traded at 0.8560, down 0.1%, despite a fourth consecutive rise in the GfK Consumer Climate indicator to -21.3 from a revised -22.5, slightly above the -21.5 forecast. Traders focused less on the data surprises than on relative monetary-policy paths at the European Central Bank and the Bank of England. The ECB has stressed a cautious, data-dependent stance and potential easing, while the Bank of England faces inflation still above target alongside signs of slowing growth and has been viewed as relatively more hawkish, with markets pricing fewer cuts. Fragile eurozone manufacturing and services, contrasted with modest UK first-quarter expansion, have reinforced the interest-rate differential and kept the exchange rate near its lowest levels since late 2022. Upcoming inflation prints and central-bank communications from Frankfurt and London remain the main catalysts that could break the stalemate.