Sterling pierces 1.3 barrier versus dollar

Sterling titled higher for the second straight session against the dollar, following earlier data from the US and amid a lack thereof from Britain.

As of 05:02 GMT, GBP/USD rose 0.25% to 1.3030 from the opening of 1.2994, with an intraday high at 1.3058, and a low at 1.2984.

Earlier US data showed a steeper than expected drop in existing home sales, ahead of the Federal Open Market Committee's meeting tomorrow, as analysts expect policymakers to maintain overnight interest rates at between 1% and 1.25%.