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BNPP: trading on EUR/GBP

BNP Paribas maintains a long-term short position on EUR/GBP from 0.8140 with a target of 0.7800 and a stop at 0.7985. 

Analysts expect minutes to the July BoE meeting to show that several MPC members voted for a rate hike. As for the data releases, "a solid 0.3% m/m gain in retail sales and 1% q/q growth in Q2 GDP should also support expectations for policy tightening," BNPP adds.

"Key risks for the GBP relate to stretched long positioning and the possibility that markets become more focused on the risks of Scottish succession as we approach the September 18 referendum, now less than two months away," strategists warn.

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