• GBP unable to find support despite firmer-than-expected jobs data

• Policy-relevant metric softer; private sector wages at 2.9% vs BoE Q2 3% f/c

• Undershoot reinforces downside risks to GBP via softer domestic inflation impulse

• Macro driver remains external as the hawkish Fed meeting dictates near-term price action

• Event risk ahead with the BoE decision and Makerfield by-election in focus

• EUR/GBP retains topside bias after holding key support at 0.8600-20

• Resistance seens at 0.8681 (May 29 high) and 0.8700 (200DMA)
eurgbp daily chart


private sector wage growth


Justin McQueen is a Reuters market analyst. (The views expressed are his own). ((Email: ))