The latest labor market data in the United Kingdom saw the unemployment rate falling to 3.8%. The unemployment rate was better than the estimates of 3.9%.
However, the claimant count change rose to 33k, which was more than the estimates of 24.2k. Average hourly earnings dipped slightly to 3.6%.
GBP/USD Retesting Resistance
The pound sterling is retesting the resistance level of 1.2864. If prices breakout above this level, the currency pair will be rising to test the next level higher at 1.2960. Price action is likely to remain range-bound in the near term.
To the downside, GBPUSD will need to clear the minor support at 1.2808 for any declines.
