Pound Sterling Price News and Forecast: GBP/USD turns fragile as focus shifts to US data

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GBP/USD loses ground on soft employment report

The British pound has extended its losses on Tuesday. In the European session, GBP/USD is trading at 1.2799, down 0.26%. The UK labor market has remained resilient despite elevated interest rates but is showing signs of cracks, based on today’s employment release.

The unemployment rate rose to 3.9% in the three months to January, up from 3.8% in the three months to December and above the market estimate of 3.8%. Wage growth excluding bonuses dropped to 6.1% in the same period, down from 6.2%. Employment growth declined by 21,000, compared to a 72,000 gain in the three months to December and missing the market estimate of a gain of 10,000. Read more…

GBP/USD Forecast: Pound Sterling turns fragile as focus shifts to US data

GBP/USD came under bearish pressure on Monday and registered daily losses for the first time this month. The pair stays on the back foot early Tuesday and trades in negative territory below 1.2800 ass market focus shifts to US February inflation data. The negative shift seen in risk mood made it difficult for Pound Sterling to hold its ground against the US Dollar (USD) on Monday.

The UK’s Office for National Statistics reported on Tuesday that the ILO Unemployment Rate rose to 3.9% in three months to January from 3.8%. Employment Change was down 21,000 in January following the 72,000 increase recorded in December. Finally, annual wage inflation, as measured by the Average Earnings Excluding Bonus, edged lower to 6.1% from 6.2%. These data failed to trigger a noticeable reaction in GBP/USD. Read more…

Pound Sterling edges down on weak UK Employment, US Inflation in focus

The Pound Sterling (GBP) drops to the round-level support of 1.2800 in Tuesday’s European session as the United Kingdom Office for National Statistics (ONS) has reported soft Employment data. Figures from the UK ONS show that higher interest rates from the Bank of England (BoE) and deepening cost-of-living crisis are starting to dampen labor market conditions.

The UK’s Unemployment Rate increased to 3.9%, employers fired 21K workers, and Average Earnings grew at a slower pace in the three months ending January. The labor market data clearly demonstrates uncertainty over the economic outlook, which could force BoE policymakers to start reducing interest rates earlier than previously expected. Read more…

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• Source: https://www.fxstreet.com/news/pound-sterling-price-news-and-forecast-gbp-usd-turns-fragile-as-focus-shifts-to-us-data-202403121205