Sterling is the top-performer on the session as shop price data shows further gain. Economists at Scotiabank expect the GBP/USD pair to test the upper 1.24s.

UK shop prices continue to surge

“The BRC’s survey of shop prices reached 9% in May (a record) suggesting no relenting from the upward push in prices and reinforcing expectations that the BoE has more – perhaps quite a bit more – work to do.”

“Strong intraday bidding for the Pound leaves a positive impression on the short-term chart.”

“Congestion/retracement resistance stands at 1.2450/1.2495.”