- Cable remains under pressure above 1.3500 on Tuesday.
- Upside stays capped by levels just above the 1.36 milestones.
- UK’s Claimant Count Change rose by 31.2K in April, more than expected.
The Sterling is losing further ground on Tuesday, dragging GBP/USD to fresh lows in the vicinity of 1.3520 in the wake of the publication of UK’s jobs.
GBP/USD weaker on data
Cable trades on a weaker fashion on Tuesday following a pick up in the demand for the greenback and disappointing figures from today’s UK jobs report.
In fact, UK’s Claimant Count rose by 31.2K jobs in April while Average Earnings inc. Bonus expanded 2.6% in March, both reading coming in below initial estimates. In addition, the jobless rate stayed put at 4.2% and the Employment Change rose 197.0K MoM.
In the meantime, spot keeps the multi-day sideline theme well and sound so far today, with the lower bound around 1.3460 – or YTD lows – and gains so far capped above the 1.3600 mark.
GBP/USD levels to consider
As of writing, the pair is losing 0.07% at 1.3546 facing the immediate support at 1.3458 (2018 low May 4/Jan.11) seconded by 1.3400 (psychological level) and finally 1.3304 (monthly low Dec.12). On the upside, a break above 1.3618 (high May 10) would aim for 1.3658 (2017 high Sep.20) and then 1.3712 (low Mar.1).
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