GBP/USD Hits 2024 Lows as Traders Continue to Sell Rallies
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#15296a3b ver:0.25

The GBP/USD exchange rate continues to hold at a 5-month low following the release of UK jobs data. Unemployment in the UK rose to 4.2% from 4%, while average earnings eased to 6% from 6.1%. These figures have led the market to price in around two 25-basis point rate cuts by the end of the year. Meanwhile, oil prices have risen due to China's GDP growth of 5.3% in Q1 and ongoing geopolitical tensions in the Middle East. Oil prices are trading near a five-month high and remain supported by these factors.

The GBP/USD pair remains under selling pressure, trading around 1.2540 and struggling to break above the 1.2550 level. Investors are awaiting the release of US Producer Price Index (PPI) data and UK Gross Domestic Product (GDP) numbers, which could provide further insights into the state o...

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