The Sterling (GBP) defied gravity rallying as EUR/GBP slumped through 0.8600 in the Asian session Tuesday from the lofty 0.8800 level early Monday morning with the market caught heavily long. The recent selloff on the GBP/USD hit fresh lows yesterday on the AAA rating downgrade. Looking ahead, CBI Distributive Trades forecast at 16 vs. 17 previously.
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