• The single currency surrendered part of the recent strong gains as markets await final prints from July’s manufacturing PMIs in Euroland.
   
• EUR/GBP retreats from session highs at 0.8459 and is currently trading around 0.8430 levels.
   
• According to the latest CFTC report, speculative net EUR shorts have climbed to the highest level since late February during the week ended on July 26.
   
• Techs on daily charts support upside in the pair, we see scope for test of 0.8523 (July 12 high) on break above 0.8480 levels.
   
• Major supports are seen at 0.8415 (21-DMA), 0.8370 (trendline) and 0.8349 (July 27 low).
   
• Weakness on the downside on break below 0.8325 (trendline). Downside could then see test of 0.8248 (July 14 low).