The GBP/USD pair struggled at 1.2800 and fell towards 1.2720s after the US Bureau of Labor Statistics reported stronger than expected US jobs data, boosting the US Dollar. The British Pound tumbled to 1.2722, down 0.53% at the time of writing.
The Pound Sterling weakened against the US Dollar after the upbeat US Nonfarm Payrolls report for May, showing tight labor market conditions despite the Federal Reserve’s restrictive monetary policy.
Ahead of the US Nonfarm Payrolls data release, the GBP/USD pair traded near 1.2800 for the third consecutive day during the early Asian session. With no major UK economic data releases, the pair’s movements will be influenced by the US Dollar and the upcoming NFP data.