Short EUR/GBP for target of 0.88 - Westpac

Analysts at Westpac are recommending to go short on EUR/GBP cross with the following parameters

“Entry: Short 100% at 0.8965, Stop: 0.9010*, Target: 0.8800”

Key Quotes

“Rationale: 

• After a strong run up the last 3 months EUR/GBP is stalling into 0.9000
• A strong July UK PMI (+0.9pts to 55.1) contrasts with slippage in the Eurozone PMI, the final data print for July at 56.6 from 57.4 last month
• The BoE this week is in the spotlight, one of the three rate increase dissenters from last month's meeting has departed but the Inflation Report may well reaffirm a less dovish stance.”