JP Morgan discusses its tactical GBP bias.

"Sterling continues to find support, with French deve- lopments providing another helping hand to EUR/GBP shorts," JPM notes.

"We’ve been flirting with GBP longs for a while, but with employment, inflation and retail sales all coming this week, and EUR/GBP al- ready looking oversold, we remain on the sideline for now. If the data continues to cooperate, though, we may finally have to succumb to the view," JPM adds.