GBP/USD Falls as Weaker UK Jobs Data Weakens Pound

GBP/USD is experiencing a decline after weaker UK jobs data was released, pushing it away from the resistance level of 1.3550. The unemployment rate in the UK remained at 4.9% in June, but earnings growth slowed down in the private sector, and vacancies fell to their lowest level in more than five years.

The Office for National Statistics reported that vacancies dropped by 6,000 to 707,000, with smaller businesses citing higher labor and operating costs as reasons for holding back on hiring. UK employers also removed another 13,000 workers from company payrolls in July.

Attention will now turn to the upcoming UK inflation data tomorrow, which is expected to show CPI rising to 2.9% year-on-year from 2.6% in June.