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British Pound Gains as UK Unemployment Rate Falls to 6.6%

British Pound Gains as UK Unemployment Rate Falls to 6.6%

David Maycotte,

Talking Points:

UK ILO Unemployment rate registered at 6.6 percent, beating estimates calling for a print of 6.7 percent. UK Jobless Claims fell to 27,400 (est. -25.0K), and the prior number was revised lower to 28,400 from 25,100. The sharp improvement in UK labor conditions may be a reflection of the UK economic recovery gaining traction.

The British Pound rose against its major peers following the release, the world's oldest currency may be supported on speculation that the Bank of England will hasten its plans to hike interest-rates as the UK recovery takes hold. DailyFX Technical Strategist Jamie Saettele, CMT, says the latest price action suggests an important top in GBP/USD is in place, however.

British Pound Gains as UK Unemployment Rate Falls to 6.6%

GBP/USD 5-Minute Chart. June 11, 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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