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

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

David Maycotte,

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.

Release

Actual

Survey

Previous

UK ILO Unemployment Rate (3M)

6.9%

7.1%

7.2%

UK Employment Change (3M/3M)

239K

90K

105K

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 instructor@dailyfx.com.

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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