Macro Context
EUR has weakened as the French-German sovereign bond spread widened sharply, increasing pressure on the single currency.
GBP remains supported after UK GDP was revised higher last week, providing a relatively stronger macro backdrop.
View: Weaker EUR fundamentals vs a more resilient GBP support a bearish EURGBP bias.
⚠️ Risks: An unexpected ECB response aimed at containing French sovereign risk could support the EUR, while negative UK macro surprises could weaken GBP.
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