• EUR/GBP attempts to recover from largely weekly drop since June

• However, Euro upside likely capped ahead of PMIs due Aug 23

• Resistance at 0.8584 (55DMA), 0.8600 (psychological), 0.8655 (100DMA)

• German PPI backs case against additional ECB hikes <0#ECBWATCH.

• Meanwhile, markets see the BoE taking rates as high as 6% 0#BOEWATCH

• Relative BoE/ECB policy outlook to keep EUR/GBP under pressure for now

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