EUR/GBP: UK data supporting bearish correction - Scotiabank

Analysts at Scotiabank noted the current conditions in the UK supporting a bearish correction in EUR/GBP.

Key Quotes:

"UK house prices rose 2.9% in the year through Jul, according to the “Nationwide” survey, down from +3.1% in Jun."

"Markit PMI data showed the manufacturing sector picking up momentum last month, with the headline activity index rising to 55.1, boosted by a jump in export orders."

"Cable gains have steadied around the low 1.32 area on the session, but the relatively better UK PMI data (versus the Eurozone reports) have pushed EURGBP back to the low 0.89 zone."