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.

GBPUSD technical analysis

The GBPUSD rate continues its downward trajectory and is currently testing the lower boundary of the ascending channel. Today’s GBPUSD forecast suggests a breakout below the support level, with the pair gaining downward momentum towards 1.3375. Technical indicators support the bearish outlook: the price has consolidated below the Moving Average, and the Stochastic Oscillator is bouncing off the resistance line. A confident breakout below the 1.3480 level would confirm the bearish scenario.

Summary

The GBPUSD rate is falling for the second consecutive trading session due to USD strength following robust US labour market data and in anticipation of crucial employment reports. GBPUSD technical analysis points to continued selling pressure, which increases the likelihood of a breakout below the support level and a move down to 1.3375.