“As a result we witnessed some modest profit taking from sterling short sellers.”
Today, they added: “Yesterday’s UK labour market data beat expectations to print an 11 year high.
“Average Earnings excluding bonuses came in at 3.9 per cent in June, beating economists’ forecasts of 3.8 per cent.
“Employment numbers also came in better than expected, the UK workforce grew 115,000 on a three-month run up to June, market expectations had been for a 60,000 rise.
“The surprise of the day came from the 0.1% rise in unemployment to 3.9% which had expected to remain steady at 3.8 per cent.
“The mixed data provided Sterling with some short-term support but any rallies in GBPEUR were sold off as the consensus for a no deal Brexit continues to grow.
“Today’s focus will be on UK inflation, CPI and RPI data is due out this morning and will be key in defining any change in rhetoric by the Monetary Policy Committee.
Friday was one of the worst days for the British economy since 2012.
A Caxton FX spokesperson said: “The British economy shrunk for the first time since December 2012, after data released on Friday showed that second-quarter gross domestic product (GDP) in the UK contracted by -0.2 per cent.”
Meanwhile, help could be at hand courtesy of the travel team at Voucher Cloud.
For those Britons who have not yet booked their holiday yet are looking for a break away, they have highlighted how to max out their currency.