- Persistent Brexit-related uncertainties continue to weigh on the British Pound.
- Mixed US employment details failed to provide any respite to the GBP bulls.
- Investor seemed reluctant to place bets ahead of Carney’s scheduled speech.
The GBP/USD pair remained heavily offered and struggled near multi-month tops, just above mid-1.2500s post-UK monthly employment details.
After a brief consolidation during the Asian session on Tuesday, the pair met with some aggressive supply and extended the previous session’s retracement slide from the 1.2575-80 region.
The already weaker sentiment surrounding the British Pound – amid persistent Brexit uncertainty, deteriorated further following the disappointing release of UK claimant count change for June.
In fact, the number of people claiming unemployment-related benefits unexpectedly jumped to 38K as compared to a drop to 22.8K expected from the previous month’s upwardly revised reading of 24.5K.
The negative print, to a larger extent, was negated by stronger than expected average earnings, with wages excluding and including bonuses surpassing estimates and rising 3.6% and by 3.4% respectively on 3m/year.
The market reaction, however, turned out to be rather muted as investors now seemed to refrain from placing any aggressive bets ahead of the BoE Governor Mark Carney’s scheduled speech.
Technical levels to watch
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