The UK wage numbers are actually more dovish than they look at first glance. With unemployment notching higher, the labour market data doesn't scream a need to keep hiking rates much further.

We think it right not to chase EUR/GBP too much lower on this data (it is currently reversing from a brief dip to 0.8570) and what could prove a mildly hawkish ECB on Thursday warns of EUR/GBP breaking above 0.8600 later this week.