British Pound futures fell on soft U.K. labor data before rebounding from session lows.

British Pound futures fell for a second straight session, with the low reaching 1.3083, down 0.63%, though both sessions saw a rebound off their lows. The sell-off was driven by soft UK labor data, with the unemployment rate rising to 5% (above the 4.9% expected) and the claimant count surging to 29,000 (versus 17,600 expected). September's average earnings, including bonuses, increased by 4.8%, missing the 5% forecast. The decline on the long end of the U.S. yield curve, with the 10-Year yield falling to its lowest level since October 28 and the 30-Year yield dropping to its lowest since October 30, pressures the dollar and supports major currencies, which likely explains the British Pound futures' rebound from its session lows over the past two sessions.