GBP/USD: Sterling rose above the 1.2700 handle, as traders unwound some of their short bets against the British pound ahead of a Group of 20 meeting this weekend. However, the upside appears limited as investors wait out the Conservative party leadership contest. The major traded 0.2 percent up at 1.2711, having hit a high of 1.2783 on Tuesday, it’s highest since May 21. Immediate resistance is located at 1.2743 (June 5 High), a break above could take it near 1.2798 (May 17 High). On the downside, support is seen at 1.2642 (Jun. 21 Low), a break below targets 1.2611 (May 29 Low). Against the euro, the pound was trading 0.2 percent up at 89.44 pence, having hit a low of 89.76 on Wednesday, it’s lowest since Jan. 15.
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