GBPUSD recovers early lost ground to head toward the 1.2900 area in early Europe on Monday. Traders stay on tenterhooks ahead of the key Fed rate decision this week. However, the UK and US S&P Global preliminary PMIs will be eyed for fresh trading impetus.  Gold price trades directionless around $1,960.00 as investors await Fed policy for further guidance. One more interest- rate hike from the Fed is widely expected to return the United States' stubborn inflation to 2%. EURGBP drops to multi-day low, eyes 0.8600 mark on weaker Euro Zone PMIs EURGBP meets with heavy supply in reaction to the dismal Euro Zone PMI prints for July. The weaker data eases pressure on the ECB to hike rates further and weighs on the Euro. Diminishing odds for a more aggressive BoE cap gains for the GBP and could limit losses. USDJPY: A surprise decision to adjust YCC would trigger a powerful rally for the Yen – MUFG #VantageVietnam #Forex #Vantage #DailyAnalysis #ForexToday