• EUR/GBP has traded an eight pip range thus far Wednesday; 0.8625-0.8633

• 0.8620 was two-week low Tuesday (0.8620 equates to GBP/EUR 1.16)

• Tuesday low was pip shy of May 25-26 lows (0.8612 was March low)

• ECB is expected to hike its policy rate by 25 bps to 2.25% on Thursday

• Why an ECB hike could be a policy mistake. BoE rate hold expected next week

• Next week's key UK event risk is the Makerfield by-election (result June 19)

EURGBP


(Robert Howard is a Reuters market analyst. The views expressed are his own)