The pound sterling traded flat on a day that included the monthly jobs report data. Official data from the UK’s Office of National Statistics showed that the average earnings rose 3.7%, matching forecasts. This was up from a revised 3.5% previously. The UK’s unemployment rate rose to 3.9%, from 3.8%.
GBP/USD Continues to Trade Near Bottom
The currency pair initially managed to rise to the key price level of 1.2082. However, multiple attempts to break this level failed. As a result, the sterling was seen trading subdued below the 1.2082 handle. We could see price potentially retesting the previous lows at 1.2026. As long as this low isn’t breached, there could be an upside bias building up.