Average Hourly Earnings

The U.S. economy unexpectedly lost jobs in July, deepening questions about the strength of the labor market after sizeable downward revisions to prior months. Crypto markets were muted, while stocks, bonds and precious metals reacted more sharply as traders reassessed the odds of a September Federal Reserve rate hike.

GBP/USD remains trapped between 1.3400 and 1.3500, with US Dollar softness offering support but nearby technical levels limiting momentum. Friday’s US jobs, earnings and unemployment data could decide whether cable finally breaks higher or keeps rewarding short-term range traders.