FxWirePro: GBP/USD eases as UK labour market shows signs of cooling

• GBP/USD eased on Tuesday as softer UK labour-market data raised concerns about slowing UK labour market

• Britain's ​labour market cooled further in the second quarter, marked by slowing earnings growth in the private ​sector and the smallest number of vacancies in more than five years, official data showed.

•Figures ​released on Tuesday showed Britain's unemployment rate held at 4.9% in June, ⁠against expectations in a Reuters poll of economists for a drop to 4.8%.

•The Office ​for National Statistics also said the number of open job vacancies fell to 707,000 in ​the three months to July, the lowest since 2021 and down from 711,000 in the three months to June.

•The data is likely to keep the BoE on hold for now, though markets still expect at least one 25-bps rate hike by year-end as the bank monitors energy-driven wage pressures.

• Immediate resistance is located at 1.3600(23.6%fib), any close above will push the pair towards 1.3641(Higher BB).

• Immediate support is seen at 1.3511 (Psychological level) and break below could take the pair towards 1.3442(50%fib).

Recommendation: Good to buy around 1.3500, with stop loss of 1.3450 and target price of 1.3580