GBP/USD slides to its lowest level since November, eyes 1.2400 ahead of UK jobs data

The GBP/USD pair drifts lower for the third straight day on Tuesday – also marking the fourth day of a negative move in the previous five – and drops to its lowest level since November 17 during the Asian session.

GBP/USD drops to a fresh YTD low and is pressured by a combination of factors. Bets for more aggressive policy easing by the BoE continue to weigh on the GBP. Reduced Fed rate cut bets underpin the USD and also contribute to the downfall. Spot prices currently trade around the 1.2420 region as traders now look to the UK monthly employment details for a fresh impetus. According to the consensus estimates, the number of people claiming unemployment-related benefits are expected to rise to 17.

Investors pushed back their expectations for the first interest rate cut by the Fed to September from June following the release of hotter-than-expected US consumer inflation figures. This keeps the US Treasury bond yields elevated and underpins the buck. Apart from this, persistent geopolitical tensions stemming from the ongoing conflicts in the Middle East turn out to be another factor that benefits the Greenback's relative safe-haven status.

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