GBPUSD Remains Lower, More Losses Ahead

GBPUSD Remains Lower, More Losses Ahead

By: Oliver Miller | Where To Trade | On:18-03-2015 12:15
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Key Highlights

  • British pound was one of the worst performers recently against the US dollar and the Euro.

  • Italian Trade Balance i.e. a balance between exports and imports of total goods and services released by the National Institute posted a surplus of €0.452B in January 2015.

  • Italian global trade balance was also released, which registered a trade surplus of €0.219B in January 2015, compared to the previous reading of €5.756B.

  • In the UK, the minutes of the BoE MPC meetings representing a full account of the policy discussion, including differences of view was published, which came in line with the forecast.

  • UK Claimant Change i.e. the number of unemployment people in the UK was released by the National Statistics came in at -31.0K in February 2015, compared to the forecast of - 30.0K.

  • UK ILO Unemployment rate representing the number of unemployed workers divided by the total civilian labor force stayed at 5.7% whereas the market was expecting a decline to 5.6%.

  • UK Claimant Count Rate was higher by 2.4% in February 2015, compared to last 2.5%.

UK Employment Report

Earlier today during the London session, there was a major release in the UK, as the UK Claimant Change, measuring the number of unemployment people in the UK was released by the National Statistics. The forecast was slated for a change of -30.0K in February 2015, compared to the preceding month. However, the outcome was better than the forecast, as the UK Claimant Change was of -31.0K. When we examine the quarterly change, then for the three months ending January 2015 with those for August to October 2014 the employment in the UK managed to climb. On the other hand, the unemployment continued to slide recently.

Furthermore, the report stated that there were about 30.94 million people in work. This was on the higher side by 143K compared to the period of August to October 2014. The only discouraging aspect was that there was a forecast of a minor decline of 0.1% in the UK unemployment rate. However, the ILO Unemployment Rate representing the number of unemployed workers divided by the total civilian labor force stayed at 5.7%. To add, the proportion of people aged from 16 to 64 in work also climbed higher and now stands at a level, which is the highest since 1971.

BOE Meeting Minutes

There was one more release lined up as the UK i.e. the minutes of the BoE MPC meetings representing a full account of the policy discussion, including differences of view was published. There was nothing to cheer for the British pound buyers, as no member voted for a rate hike.

Technical Outlook – British Pound

The British pound might continue to decline, as a break below the 1.5700 level against the US dollar was crucial. This particular break has ignited a downside pressure on GBPUSD, which is likely to continue as sellers remain in control. On the upside, the 1.4800 level is now a major resistance for the pair in the near term.

Oliver Miller

Oliver Miller

"Patience is the key for success"

Oliver Miller is one of the best financial analyst with 18 years of online trading experience

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