Trade FOREX with FXCM

  • Award-Winning Platform
  • 24/7 Customer Support
  • Trade Directly on Charts
  • Free $50K Practice Account


DailyFX Home / Market Alerts

UK Unemployment Rate Falls Below BOE 7% Threshold, British Pound Soars

By David Maycotte
16 April 2014 09:11 GMT

Talking Points:

  • U.K. Unemployment Rate Falls Below BoE’s 7% Threshold Target
  • U.K. Labor Data Comes in Better-than-Expected
  • British Pound May Find Support on BOE Policy bets

TheU.K. Unemployment Rate fell below Bank of England’s 7 percent threshold for the first time in over five years. With U.K. Jobless Claims figures coming in better-than-expected this may boost BOE policy bets for an imminent rate hike, supporting the British Pound. For a complete breakdown of U.K. labor data visit the DailyFX Economic Calendar.





UK ILO Unemployment Rate (3M)




UK Employment Change (3M/3M)




The British Pound soared against the US Dollar, extending yesterday’s gains. Technical Strategist Jamie Saettele, CMT sees GBPUSD resistance at 1.6821 then at 1.6877. He notes that COT is at an extreme, and weakness below 1.6565 would make a strong case for a sharp decline.

UK-Unemployment-Rate-Falls-Below-BOE-7-Threshold-British-Pound-Soars_body_Picture_1.png, UK Unemployment Rate Falls Below BOE 7% Threshold, British Pound Soars

GBP/USD 5-Minute Chart. April 16, 2014. Charted created using FXCM Marketscope 2.0.

-- Written by David Maycotte, DailyFX Research Team. Questions, comments or concerns can be sent to

Want to trade with proprietary strategies developed by FXCM? Find out how with Mirror Trader.

provides forex news and technical analysis on the trends that influence the global currency markets.
Learn forex trading with a free practice account and trading charts from

16 April 2014 09:11 GMT