GBP/USD has just posted a fresh intradaylow of 1.4317 as stock losses mount in Europe and US futures move deeper into the red. Mind you GBP/USD it never liquid at the best of times but in the last 24-hours we have seen EUR/USD remain stationary whilst JPY crosses move on “risk”. This suggests that the positioning (shorts) in EUR/USD are still extended and are being unwound. So more risk reduction than risk aversion. US stock futures are down around 0.6% now. GBP/USD last at 1.4332.
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