August 13, 2024 – Written by John Cameron
Leave a comment STORY LINK GBP/EUR Exchange Rate Recovers to 1-Week Best
The Pound to Euro (GBP/EUR) exchange rate has continued to recover from 3-month lows below 1.1600 and traded near 1.1690 on Monday.
The latest COT data, released by the CFTC, recorded a further sharp decline in long, non-commercial Pound positions to below 75,000 contracts from 111,000 the previous week and close to a 50% decline from the record high in late July.
In historic terms, long positions are still high, but with a reduced risk of aggressive Pound selling in global markets….
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