GBPUSD Softer After UK Data
Pound Down Following UK Data
GBPUSD is under offer today despite the latest UK economic data this morning showing some improvement. The unemployment rate was seen cooling to 4.9% in the three months to February, down from 5.2% prior. However, the upshot from this news was immediately tempered by news that UK payrolls had suffered their biggest fall since Nov 2025, dropping by 11k in March. Finally, wage growth (including bonuses) was seen slightly above forecasts at 3.8%, vs 3.6% expected, but down from the prior 4.1% reading. In all, the data was a mixed bag with GBP left a little weakened on the back of the release.
USD Higher On Iran Risks
USD is seeing better demand today ahead of scheduled talks between the U and Iran, which is also pressuring GBPUSD here. Tensions between the US and Iran are at risk of boiling over again after the US seized an Iranian ship earlier this week. This follows very clear threats from Trump over the weekend that if Iran doesn’t agree a peace deal, the US will obliterate energy infrastructure in the country. If talks falter today, USD is likely to surge on fresh safe-haven demand, sending GBPUSD down further. However, if talks progress well and the ceasefire is extended, USD should peel off as risk assets rally, lifting GBPUSD again near-term.
Technical Views
GBPUSD
For now, GBPUSD remains above the 1.3446 level and with momentum studies bullish focus is on a continued push higher while above that level. 1.3774 is the next target for bulls. If we break lower from here, however, 1.3283 will be the next support level to watch, with the bull trend line from last year’s lows there also.
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With 10 years of experience as a private trader and professional market analyst under his belt, James has carved out an impressive industry reputation. Able to both dissect and explain the key fundamental developments in the market, he communicates their importance and relevance in a succinct and straight forward manner.