GBPUSD moved back above 1.4000 and edged...>

STERLING: GBPUSD moved back above 1.4000 and edged higher in Asia-Pacific hours

to last trade ~1.4015. Hesitation around the Bollinger band top (1.4057) will

worry bulls & hints at a move back to the 55-DMA (1.3908), bears need a move

below 1.3984 to add weight to their case.

- EURGBP has closed lower (as of the London close) for 10 straight days, this is

the first time that this has happened since the inception of the EUR. The cross

was steady overnight.

- GBP traders will have the latest labour market report to deal with this

morning, with consensus looking for earnings growth of 2.6% Y/Y on a 3 month

rolling basis. Barclays expect "the unemployment rate to be unchanged at 4.4%.

The marginal decline in January's claimant count remains consistent with the

current rate. Core earnings growth is likely to accelerate mildly. Wage

pressures indicated in recent surveys are likely to feed in with a lag over the

coming months." Yesterday's CPI data showed a moderation, we will have to wait

until next month's labour market release to get the corresponding wage data to

judge Feb's real wages change.