• GBP/USD trades with a soft tone in Asia after closing 0.3% lower Tuesday

• Undermined by surging U.S. yields and rising Fed rate hike expectations

• Chances of a December rate hike now at 60% on CME's FedWatch tool

• 100k fall in Apr UK payrolls weighs on GBP; biggest since start of COVID-19

• April inflation data Wed key for BoE rate outlook as stagflation risks rise

• Former lows at 1.3450-60 is now strong resistance; more at 1.3480, 1.3500

• Support 1.3350, 1.3300; ranges Tue 1.3379-1.3435, Asia 1.3378-1.3400
UK payrolls:

(Krishna Kumar is a Reuters market analyst. The views expressed are his own.)