GBP/USD: Bears stay in charge below major SMAs.

• GBP/USD remains subdued below the SMAs near 1.3420 as the UK unemployment rate ticks higher.
• The near-term outlook stays bearish, with additional selling pressure likely below 1.3200.

GBP/USD remains under pressure below its 50- and 200-day simple moving averages (SMAs) around 1.3420 as traders weigh weak political sentiment and softer UK economic data. Earlier on Tuesday, the UK unemployment rate rose to 5.0%, while April employment showed a decline of 100,000 jobs.

Technically, near-term momentum continues to favor the downside, with the RSI staying below the neutral 50 threshold and the MACD drifting into negative territory.

If resistance at 1.3420 continues to cap gains, the pair could revisit support near 1.3300. A stronger support region may then emerge around 1.3200–1.3235 before the broader outlook turns decisively bearish, opening the door for a deeper slide toward 1.3090.

On the upside, confirmation of Monday’s bullish engulfing candle through a break above 1.3420 could pave the way for a move toward the 20-day SMA and the 1.3520 area. A sustained rise beyond 1.3600 may also allow the pair to print a fresh short-term high near 1.3700, reviving the broader recovery trend.

Overall, GBP/USD remains vulnerable while trading beneath the 50- and 200-day SMAs near 1.3420. Still, a more pronounced bearish outlook would likely require a decisive breakdown below the 1.3200–1.3225 support zone.