Published by Zeb BhamBy the close of foreign exchange trading platforms yesterday (October 24th), the pound had taken a hit versus the US dollar.Reuters has reported that the British currency fell from a value of $1.6001 – its highest since September 9th – to $1.594 by the end of the day.It is said that much of the uncertainty surrounding sterling – and, indeed, the euro – at the moment stems from doubts over whether eurozone bosses will be able to thrash out a deal to get to grips with the region's debt problems.It came just hours after a rally in the pound saw it reach its strongest position in six weeks.Raghav Subbarao, currency strategist at Barclays Capital, said: "Sterling does look vulnerable, especially against the dollar in the coming days and months. The UK is exposed to the euro area and markets are trading on hope rather than any concrete action from eurozone policymakers."Despite this, there were early signs yesterday that investors had some confidence in the eurozone chiefs to put together an effective rescue package.However, these quickly dissipated, as both the pound and the euro retreated versus the dollar.Another problem was outlined by the expert, who stated: "Whatever they announce on Wednesday, it is unlikely to translate immediately into policy."Despite this, the pound remains slightly above the 50-day moving average of $1.5895 – with corporate said to be buying at only a fraction above this yesterday.The news source went on to note that data from the Commodity Futures Trading Commission had found that speculators in the market had been running net short positions of 53,226 last week, down from 61,972 seven days earlier.Last Friday, Reuters told how sterling had made losses against the US currency, reversing a series of gains that had been recorded in the run-up to that day.