The pound is creeping higher on the session as price now moves past the 100-hour MA (red line) with buyers looking to seize back near-term control of the pair.
UK data earlier basically just reaffirmed tighter labour market conditions with wage pressures easing slightly from more robust levels over the past few months.
From a technical perspective though, the move higher is coming after buyers defended a move towards the 200-hour MA (blue line) @ 1.2971 - coinciding with the low today.
For now, buyers are looking to establish a more bullish near-term bias but I just don't see gains running away before we get through the data deluge over the next few days.
As such, I would expect gains to be limited and sellers to step in around the trendline resistance near 1.3045 with further resistance seen at 1.3050-70 as well.