GBPUSD:
Recent US job vacancy data showed that the labor market is slowing down, but in August, the number of vacancies rose from 7.21 million to 7.23 million. At the same time, the hiring rate fell to 3.2%, the lowest since June 2024, and the number of layoffs remained low.
The GBP/USD pair strengthened as the pound sterling (GBP) received support after the release of stronger UK gross domestic product (GDP) data for the second quarter on Tuesday. The data showed that the UK economy grew by 1.4% year-on-year, exceeding the preliminary figure of 1.2%. Quarterly GDP growth remained at the preliminary estimate of 0.3%.
However, the British pound may come under pressure as Bank of England (BoE) Deputy Governor Dave Ramsden has advocated for lower rates amid growing concerns about the UK labor market. Ramsden also expressed confidence that inflationary pressures would ease, noting that current interest rates remain restrictive.
Trading recommendation: BUY 1.3495, SL 1.3415, TP 1.3685
Origin: FreshForex
