GBP USD touched a near one-month high of 1.2274 yesterday after French President Emmanuel Macron followed in German Chancellor Angela Merkel’s steps and suggested that a Brexit deal could be done before October 31. Sterling jumped by over one-and-a-half cents against the US dollar as short-covering pushed the pair sharply higher. This is the second time this week that Sterling has jumped by around 100 pips on just a suggestion that a Brexit deal may be done, indicating that the market is short of Sterling and stop-losses are getting filled. Last week’s CoT report showed that speculative traders remain heavily short of Sterling although the number was marginally lower than the week before.
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