Wednesday, April 20, 2016

Forex - GBP/USD edges lower after U.K. employment data

© Reuters. Pound slips against dollar as U.K. claimant count report weighs© Reuters. Pound slips against dollar as U.K. claimant count report weighs

Investing.com - The pound edged lower against the U.S. dollar on Wednesday, after the release of downbeat U.K. employment data fueled concerns over the strength of the British economy, although the greenback's gains were limited by the previous session's weak U.S. economic reports.

hit 1.4348 during European morning trade, the session low; the pair subsequently consolidated at 1.4364, shedding 0.22%.

Cable was likely to find support at 1.4284, Tuesday's low and resistance at 1.4428, the high of March 31.

The U.K. Office for National Statistics said that the held at 5.1% in the three months to February, in line with expectations.

However, the unexpectedly rose by 6,700 in February, compared to expectations for a decrease of 11,300 people, and following a drop of 9.300 a month earlier, whose figure was revised from a previously reported decline of 18.000. It was the first claimant count rise since August 2015.

Meanwhile, the , including bonuses, rose by 1.8% in the three months to February, below forecasts for a 2.3% increase and after increasing by 2.1% in the three months to January.

Excluding bonuses, rose by 2.2%, in line with forecasts and following a 2.2% increase in the three months to January.

At the same time, sentiment on the greenback remained vulnerable after data on Tuesday showed that fell unexpectedly by 7.7% in March to 1.086 million units, after a 2.2% drop the previous month to 1.177 million units.

declined by 8.8% in March to 1.089 million units after increasing by 6.9% to 1.194 million units in February.

Sterling was also lower against the euro, with rising 0.23% to 0.7908.

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