• EUR/GBP trades weaker on the day, down 0.13 pct as we head into the European open.
   
• Focus remains on final prints of Services PMI for the month of July followed by Retail Sales in the euro area.
   
• A BoE rate cut on Thursday is now fully priced in. Markets will look forward to changes to the economy and inflation forecasts.
   
• GBP under pressure on the back of expectations of a muted UK services PMI report due later in the European session.
   
• Momentum studies are neutral. The pair is trading a rising channel on the 4-hourly  charts.
   
• Strong channel base support lies at 0.84 levels, weakness seen only on decisive break below.
   
• Downside below 0.84 finds next support at 0.8386 and then 0.8360 levels.
   
• On the upside resistance is located at 0.8422 (4H 20 MA), 0.8450 (28 July high) and then 0.8470 (14 July high).