Bank of America Global Research highlights the signals form its month-end rebalancing model going into September's fix next week.

"We estimate FX rebalancing needs based on a conventional 60/40 portfolio. Estimates suggest JPY GBP outflows vs EUR inflows," " BofA notes.

"For EUR, the rebalancing flows are moving in the opposite direction to other short-term indicators, suggesting that we may see some consolidation around current levels,

For GBP, both our quant signals and rebalancing flows are bearish, increasing near-term pressure on the currency," BofA adds.