EUR/GBP is trading at 0.8505
From Morgan Stanley:
"Remaining long EURGBP: We expect the BoE to cut rates by 25bp on Thursday, which should keep GBP offered and risk bid.
Otherwise, markets will focus on EMU's industrial production on Wednesday and inflation data on Friday. An indication of EMU authorities providing equity support to Italian banks without triggering the bail-in mechanism should allow EUR to rebound sharply.
EURGBP near 0.8425 offers an opportunity to add to longs, looking for 0.94."
Morgan Stanley maintains a long EUR/GBP from June 24 at 0.8119 (+355 pips) and has moved its stop to 0.8300. It's first target is 0.9000.
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