GBP Reinforced Trend

Post UK Unemployment: GBP Rebounds 

With the UK Unemployment rate figure dropping to 7.1% as reported today alongside the BoE minutes on its monetary policy, the GBPUSD currency major jumping to as high as 1.6580 in the early morning sessions of the US market.

In the past statements made by the Bank of England is that it would only consider raising rates when the unemployment figure would decline to a 7% low. And this has been the threshold or may even be set as the BoE benchmark before any movement on rates would be made. However, traders were quick on the draw and helped push Cable to its recent highs.

And this price action may find support in the price momentum and a considerable follow through when volume build up and more likely a new set of forward rate guidance to anticipate that the BoE may start considering its move ahead of time.

GBP Reinforced Trend