GBP/USD fell sharply towards a big bulk of UK data, and is now reversing very fast, forming a hammer pattern.
The MPC meeting minutes revealed the same picture as last time: 3 out of 9 members wanted more QE. No new member joined them.
GBP/USD dived to as low as 1.5025 from around 1.51. The reaction to the data sent it all the way to 1.5132, over a 100 pips.
1.50 is of course a critical support line, that was recovered after cable fell to multi year lows. 1.52 is a significant line of resistance on the upside. For more levels, see the GBPUSD forecast.
In addition to the meeting minutes, the UK also released job figures:Â Claimant Count Change, or jobless claims for February, disappointed by falling only by 1.5K, instead of around 5K that was predicted. In addition, the figure for the previous month was revised from -12.5K to -10K. The unemployment rate for January remained at 7.8%.
So, all in all the decline in unemployment is quite slow.
