The pound euro exchange rate is 0.112% higher on the day with 1 GBP = 1.1483 EUR. The pound dollar exchange rate is 0.160% lower with 1 GBP = 1.5630 USD. The pound Australian dollar exchange rate is 0.506% higher with 1 GBP = 1.5790 AUD. The British Pound continued its rebound yesterday, although it did finish well off its highs following reports in the FT that claimed that 'as many as seven’ eurozone member states want private sector bondholders to take even larger losses on their holdings of Greek bonds. "In other words, there are huge divisions within the eurozone. Sterling rallied to a high of 1.5703, before closing out the US session at 1.5630. Economic news was light on, but we did see the CBI realised sales come out in line with forecasts at minus 15, slightly worse than last month’s reading of minus 14," says Ben Potter at IG Markets in Australia. The Euro counter rally against the British Pound has faltered just beneath £0.88. "The single European currency risks establishing another lower high from the July peak, near £0.91. We continue to hold a short position in the rate," says a morning technical note from Investors Intelligence. The Euro has fallen back into the previous broad trading band/base against the Czech Krona. That fall has hit the stop on the long held in the pair, losing 1.01%. Elsewhere, the US Dollar Trade Weighted Index has reacted from the sideways area along 79, in keeping with the overbought RSI indicator. Yesterday's pullback triggered the profitable stop on the long held in DXY, yielding 1.54%.

Source