Economists at ING see limited GBP upside room against the Euro.
PMIs may look a bit grimmer in the UK compared to the Eurozone
“PMIs may look a bit grimmer in the UK compared to the Eurozone today, which could hinder the modest rebound in EUR/GBP seen over the past two trading sessions. The pair may struggle to climb above 0.8830-0.8850 for now.”
“Still, the Pound should be able to count on a generalised alignment in market expectations around a 50 bps hike by the Bank of England next week (45 bps priced in at the moment), which suggests a smaller scope for a correction.”
See – EU PMI Preview: Forecast from three major banks, rising from the ashes
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