GBP/USD: Sterling rallied to a 5-week peak, supported by last week’s less dovish Bank of England meeting. However, the upside is limited as traders remained reluctant to take big positions until the conclusion of the Conservative Party leadership contest.
The major traded 0.1 percent up at 1.2755, having hit a high of 1.2766 earlier, it’s highest since May 21.
Immediate resistance is located at 1.2798 (May 17 High), a break above could take it near 1.2853 (May 16 High). On the downside, support is seen at 1.2681 (Jun. 12 Low), a break below targets 1.2628 (Jun. 20 Low). Against the euro, the pound was trading 0.2 percent down at 89.37 pence, having hit a high of 88.72 on Thursday, it’s highest since Jun. 7.
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