Average earnings eased to 8.1% YoY over the August quarter, down from 8.5% in July. Ex-bonus earnings eased to 7.8%, but from an upwardly-revised 7.9% in July. Markets view the break in the rising wage trend as tilting risks against another BoE hike before year-end but wage growth remains very strong overall and there is still some key data ahead (e.g. CPI on Wednesday) which may sway thinking again.

Loss of support at 1.2125 will edge risks towards a retest of 1.20 area in the next day or so, given soft/bearish underlying momentum.

Resistance is 1.2215/1.2225.