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SG remarks:

  • "We don't expect an ECB hike this year and think the market is ahead of itself, but while that leaves us trying to work out where to take a stand against the euro's bounce, maybe the nest hedge against ECB hike enthusiasm is to buy EU R/GBP. November's GDP data may be as good as it gets here, and even if the current political chaos isn't market-relevant, sterling is overbought"
  • "GBP/USD is too, but shorting it is just a better way to short EUR/USD and we can't rule out a bit more overshoot to the upside before that turns"