GBPUSD under pressure: US labour market data crushes bulls’ hopes
The GBPUSD rate is falling amid US dollar strength following robust US labour market data. The price currently stands at 1.3504. Find out more in our analysis for 4 June 2025.
GBPUSD forecast: key trading points
US job openings rose to 7.391 million in April
Robust JOLTS data boosted support for the USD
The ADP private sector employment report is due today
GBPUSD forecast for 4 June 2025: 1.3450 and 1.3600
Fundamental analysis
The GBPUSD rate is declining for the second consecutive session. Sellers re-entered the market after testing the key resistance level at 1.3565. On the daily chart, a Double Top reversal pattern appears to be forming, increasing the likelihood of a move down towards the next target at 1.3445.
The US dollar gained support from the latest labour market data. On Tuesday, the JOLTS job openings report showed an unexpected rise to 7.391 million in April, well above the consensus forecast of 7.167 million. This indicates continued resilience of the US labour market and reinforces expectations for a more hawkish Federal Reserve stance, putting pressure on the GBPUSD rate.
Investor focus now shifts to the upcoming US data. The ADP private sector employment report is due today, followed by the key May employment data on Friday, which could heavily influence the pair’s next move.
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