GBP/USD: Sterling edged up, extending previous session gains, after data released yesterday showed UK wage growth in the three months to April rose to 3.1 percent, surpassing forecast of 3 percent, while the jobless rate held at its lowest since 1975. The major traded 0.1 percent up at 1.2727, having hit a high of 1.2763 on Friday; it’s highest since May 21.
Investors’ attention will remain on the U.S. fundamental drivers, ahead of the UK RIC’s housing price balance. 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 89.09 pence, having hit a low of 89.32 on Tuesday, it’s lowest since Jan. 15.
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