Sterling received support near recent levels against the euro and dollar after new data from the Office for National Statistics showed UK wages were faster than expected in June, with job openings remaining high in a low unemployment environment. The GBP/USD pair collapsed towards the support level 1.2007 before settling around the 1.2090 level at the time of writing the analysis, before the announcement of the British inflation figures, and most importantly the content of the minutes of the last meeting of the US Federal Reserve.

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