• EUR/GBP (+0.3%) extends recovery from 0.84

• While GBP positioning skews risks to the topside for EUR/GBP

• Hurdles between 0.85-0.8532 should put a limit on upside

• The cross remains largely a range trade between 0.84-0.86

• An ECB cut for the Sept meeting is f/c, but guidance is key

• That said, options price little gap risk, suggests tame response

• EUR/USD option implied vols signal +/- 0.3% (36pip) move

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