EUR/GBP: It is a little too early for a break over the 0.8700 area – ING

Sterling has been stabilising after a soft week. Economists at ING analyze GBP outlook.

The UK calendar this week looks slightly Sterling negative

The UK calendar this week looks slightly Sterling negative in that Tuesday's release of the services PMI might disappoint and we also might see some slight softening in the delayed jobs data.

However, EUR/GBP has been unable to hold a break over the 0.8700 area and we think it is a little too early for that break, especially since the Eurozone data could be soft this week too.