Pound Sterling Price News and Forecast: GBP/USD faces pressure

Pound Sterling faces pressure as soft UK labor market data paves way for BoE rate cuts

The Pound Sterling (GBP) trades with caution against its peers on Tuesday after the release of the United Kingdom (UK) labor market data for the three months ending March. The Office for National Statistics (ONS) reported that the ILO Unemployment Rate accelerated to 4.5%, as expected, from 4.4% in the three months ending February. In the same period, the economy added 112K fresh workers, significantly lower than the prior release of 206K. 

Slowing UK job growth reflects the impact of the increase in employers’ contribution to social security schemes and caution among business owners in anticipation of tariffs by