The British pound has rebounded against the euro as investors reduce their long positions on the euro.

Jin10 data reported on July 29 that the British pound fell to a two-month low against the US dollar, but due to the trade protocol reached between Europe and the US, the British pound rose to a near one-week high against the euro. As concerns about a US economic recession have eased, the US dollar has strengthened overall; meanwhile, the market worries that tariffs will harm the eurozone economy, leading to a fall in the euro. Therefore, the British pound has rebounded against the euro. Chris Turner, head of forex strategy at ING, pointed out in a report that the rise of the British pound against the euro is also due to investors cutting back on previous positions betting on a stronger euro.