Photo by Colin Watts on Unsplash 
 

GBP/USD hit a fresh bearish challenge on Tuesday, hitting a snag and snapping a four-day winning streak. The pair remains hamstrung just south of the 1.3200 handle, and Cable traders will need a fresh shock to push Pound Sterling (GBP) bids back onto the high side.

UK employment figures broadly missed the mark on early Tuesday, with the ILO Unemployment Rate rising faster than expected, and more consumers seeking unemployment benefits than markets anticipated.  Baseline wages info came in more or less as expected, but wages plus bonuses eased back more than expected, highlighting consumers’ difficulties in negotiating for higher employment remuneration amid rising unemployment.

A smattering of mid-tier Federal Reserve (Fed) policymaker speeches are due on Wednesday, and while the show of a widening array of opinions at the typically uniform Fed will be entertaining, little of note is likely to materialize. 

UK datawatchers will be looking ahead to Thursday for another chance at an upbeat data push. UK Gross Domestic Product (GDP) growth figures for the third quarter are due, and are expected to come in more or less unchanged. US markets would have been getting their hands on the latest Consumer Price Index (CPI) inflation data, but the ongoing government shutdown has ended the flow of official data. A resolution is in the works after passing a vote in the US Senate, and now a short-term funding proposal needs to pass a lower house vote.

GBP/USD daily chart
 

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