Forex: GBP/USD prints lows at 1.5283

Today's decline of the British Pound, driven by technical arguments but also after BoE's meeting minutes revealing Governor King's wishes of additional QE, wasn't held by the 1.5300 mark and went to as low as 1.5283, for now. The market is trying to return to the handle.

UK equities are cheering the improvement seen in claimant counts revealed today. There were 12.5K less claimants in January, instead of -5K as expected, pushing the rate lower from 4.8% to 4.7%. UK ILO unemployment rate rose from 7.7% to 7.8%.

UBS analysts point to the downside: “With bearish trend conditions in place, there is scope for extension of weakness”, wrote analyst Gareth Berry, pointing to support at 1.5269, while resistance is at 1.5550.