Weak UK jobs data and political uncertainty keep sterling under pressure below key moving averages.
GBP/USD remains below its 50- and 200-day simple moving averages at 1.3420, reflecting investor caution amid soft economic signals. The pair has struggled to break higher as macroeconomic and political headwinds persist.
The UK unemployment rate rose to 5.0% in the latest print, while April employment fell by 100k. These figures underscore growing labor market weakness, adding to sterling’s downward pressure. The 1.3420 level has acted as a technical resistance point in recent sessions.
Market focus remains on upcoming UK economic releases and global risk sentiment, with traders assessing the likelihood of further sterling volatility.