The pound steadies as wage growth argues in favour of further BoE tightening. The price action has been struggling to clear the daily resistance near 1.2300. Two consecutive failed rebounds show a lack of buying power. Sterling is resting over the psychological level of 1.2000 thanks to bargain hunting. Its breach would force the bulls out, leaving it vulnerable to momentum selling towards July’s lows around 1.1800, which is a major floor to safeguard the month-long recovery. 1.2150 is the first resistance the buy side needs to lift.
