Sterling pares some gains, but remains near $1.3

The British pound rose against most currencies on Wednesday, lifted by upbeat data, but retreated slightly below the $1.30 barrier that was hit earlier.

Data showed today the UK's mortgage approvals index rose to 40,000 in June, higher than forecasts of 35,000, and higher than 9,000 in May.

Net lending to individuals reached 1.4 billion pounds in June, beating forecasts of 400,000 pounds.

British Prime Minister Boris Johnson warned yesterday that despite the coronavirus infections receding in many countries, a second wave may hit the European countries, including the UK.

The lingering uncertainty over the Brexit file continued, due to the deep differences between between London and Brussels on many major issues.

As of 19:56 GMT, GBP/USD rose 0.4% to 1.2983, after hitting a high of 1.312 and a low of 1.2912.