GBP/USD: Sterling eased, extending previous session losses, after data released on Monday showed Britain’s economy contracted sharply after the biggest decline in car production since records began, amid growing concerns over Britain’s expected departure from the European Union. The major traded 0.05 percent down at 1.2679, having hit a high of 1.2763 on Friday; it’s highest since May 21.
Investors’ attention will remain on UK labour market data, 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 89.24 pence, having hit a low of 89.29 on Monday, it’s lowest since Jan. 15.
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