Pound Sinks Lower Against Dollar on Soft UK Jobs Data and Dovish BoE Outlook

GBP/USD declined towards 1.2490, seeing losses in 5 of the last 6 days amid soft UK labor data and dovish BoE bets.
UK unemployment rose to 4.3% in July while employment fell more than expected, weighing on the pound.
Markets are discounting less aggressive rate hikes by the BoE as British yields dive.
The US dollar is recovering ground ahead of key CPI inflation data that could boost Fed hike bets.
From a technical perspective, GBP/USD remains in a bearish outlook below the 20 and 100-day SMAs.

fxstreet.com

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Posted 9/13/2023, 3:00:00 AM