GBP/USD: Sterling eased after rising to a 2-1/2 week peak in the previous session on weak U.S. jobs data that bolstered the case for a Federal Reserve interest rate cut. The major traded 0.2 percent down at 1.2704, having hit a high of 1.2763 on Friday; it’s highest since May 21.
Investors’ attention will remain on UK manufacturing prod., industrial production, trade balance, NIESR GDP estimate and BOE Saunders’ speech ahead of the U.S. fundamental drivers. Immediate resistance is located at 1.2763 (June 7 High), a break above could take it near 1.2798 (May 17 High). On the downside, support is seen at 1.2647 (May 24 Low), a break below targets 1.2580 (May 30 Low). Against the euro, the pound was trading 0.1 percent down at 88.98 pence, having hit a low of 89.02 last week, it’s lowest since Jan. 15.
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