LONDON (AFX) - Sterling edged higher against major currencies in dull midday trade, finding some momentum after trailing in the wake of the euro's recent good run against the dollar, dealers said. Sterling is higher partly for technical factors but also because its dip against the euro in recent weeks has not been justified by actual flows, Steve Pearson, head of currency strategy at HBOS said. "Cable (sterling-dollar) is pushing on. It was underperforming when the euro was on the way up," he added In the meantime, the euro is also starting to look "fatigued" after its recent uptrend, he said. Against the dollar, another stab at 1.48 usd is likely, Pearson added. Amid a lack of economic news, stock market movements are still likely to dominate the currency market especially after Wall Street opens, dealers said. Later in the week, the US's first quarter current figures will be a focal point as they will show developments in foreign investment flows which have so far been crucial to keep the dollar afloat, he added. Economists said the first quarter current account deficit is likely to widen to 105.6 bln usd after the deficit widened slightly to 98.8 bln in the fourth quarter. The June Philadelphia Fed survey on Thursday will also be a key factor, dealers said. According to economists the Philadelphia Fed business activity index rose to 12.0 in June after falling unexpectedly to 9.1 in May. Another positive reading of the index would mark the sixth straight month in which the index has remained in positive territory after thirteen negative months.