Economists at ING see limited GBP upside room against the Euro.

PMIs may look a bit grimmer in the UK compared to the Eurozone

“PMIs may look a bit grimmer in the UK compared to the Eurozone today, which could hinder the modest rebound in EUR/GBP seen over the past two trading sessions. The pair may struggle to climb above 0.8830-0.8850 for now.”

“Still, the Pound should be able to count on a generalised alignment in market expectations around a 50 bps hike by the Bank of England next week (45 bps priced in at the moment), which suggests a smaller scope for a correction.”

See – EU PMI Preview: Forecast from three major banks, rising from the ashes