The pound remained at five-month low against the greenback on Tuesday, following British figures that showed that the unemployment rate edged up beyond projections.

GBP/EUR muted at 85.36 pence.

GBP/USD muted at $1.24475, having hit a trough not seen since the 17th of November.

The unemployment rate in UK in the course of three months till February advanced by 4.2% from 3.9%, however Office for National Statistics stated some volatility in figures remained. According to a poll conducted by Reuters economists predicted Feb data at 4%.

Eyes will be on inflation figures on Wednesday as investors will seek hints regarding the interest rate trajectory, as markets are predicting the rate cuts to begin in August.

Markets are projecting around 46 basis points of interest rate trims by the BoE this year, based on LSEG figures, with the first trim likely to take place in August.