GBP/USD pushed higher to 1.2792, its strongest level since mid-May, as the UK jobs report for April surprised to the upside.
**UK Employment Data (April 2025):**
- Unemployment Rate: 4.3% (forecast 4.4%)
- Employment Change: +172,000 (beat estimate of +140,000)
- Average Earnings (ex-bonus): 5.9% YoY — still elevated, reducing BOE cut urgency
The stronger-than-expected wages data reinforced market expectations that the Bank of England will keep rates on hold at its June meeting. Markets are now pricing just one full 25bp cut from the BOE for all of 2025.
**Technical levels:**
- Resistance: 1.2800 (psychological), 1.2850 (June high)
- Support: 1.2720, 1.2680 (50-day MA)
A sustained break above 1.2800 could target the 1.2900 area in the near term.
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