The Pound dropped against the Dollar after UK jobless claims unexpectedly jumped in January to the highest level since April 1997, came out at 23.5K vs. -14.6K forecast vs. -9.6K prior. In addition, the Bank of England policy makers unanimously agreed to pause their 200 billion-pound bond-purchase plan this month on optimism that inflation will return to their 2 percent target. The GBP/USD is under the 50 and the 20 moving average therefore a short position is preferred. Overall, GBP/USD traded with a low of 1.5665 and with a high of 1.5815.Today, Public Sector Net Borrowing is expected at -2.4B vs. 15.7B prior, CBI Industrial Order Expectations are expected at -35 vs. -39.

GBP/USD - Last: 1.5663

Resistance

1.5730

1.5805

Support

1.5627

1.5580

1.5560

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