Time for the UK to outshine? Keep an eye on the EUR/GBP this morning

Now that we have seen really disappointing PMI data released from France and Germany, the EUR/USD has understandably come under further downside pressure. The EUR/GBP is a little lower right now too, but not yet markedly so. More recently the EUR/GBP has been trying to push higher above 0.8450 after rejecting a sustained move to below the 0.8400 handle some days ago, on June 14. The rebound since has stalled around 0.8465, but as you can see right now, the Euro is tracking lower again following those weak German and French PMI numbers. The UK will release their equivalent data at 8.30am GMT, and if that is better than forecast, then we might see the EUR/GBP test the recent lows near 0.8400 again. Of course, if it replicates what we have seen from the other two this morning, then that will not happen. It is all in the data folks. The EUR/GBP is currently trading at 0.8443