• EUR/GBP bid tone builds, reclaiming 200-hour MAs and shifting near-term momentum higher

• Initial topside capped at 0.8540, clean break needed to re-open 0.8600 handle

• UK CPI miss reinforces BoE “on hold” narrative, weighing on GBP near-term

• ECB seen on hold in July but retaining hawkish bias, offering relative EUR support

• Dips well supported into 0.8480–0.8500 zone, stronger base at 0.8455 (15 July low)
EURGBP hourly chart


Justin McQueen is a Reuters market analyst. (The views expressed are his own). ((Email: ))