Inflation in UK is forecast to remain elevated over the upcoming two-years and above the government's upper limit of 3.0 percent, according to BoE's inflation report.

Labor data from UK placed more pressures law makers as conditions worsened during last month, accordingly, crippling the recovery and causing the pound to fall severely against majors.

Despite the pounds depreciation, the dollar extended its gain against most of its major counterparts, where the US dollar index, which tracks the performance of the currency against six-majors, rose on the daily scale to 78.52, compared with the opening levels of 78.39.

The European common currency gained against the dollar in trading to 1.3498, compared with the opening levels of 1.3484. the pair is attempting to breach the resistance at 1.3505 but so far failed to sustain a four-hour closing above it.

If breached, the pair's upcoming targets are set at 1.3622, while failing to breach those levels would limit trading between the mentioned resistance and the support at 1.3383.

The pound fell to a low of 1.6023, which is currently where its trading against the dollar, where this is compared with the opening levels of 1.6122.

The pair managed to breach a support at 1.6070, allowing it to target the support at 1.5965.

The dollar traded higher against the yen, at 83.80, attempting to re-test the resistance at 84.00. The pair will drop as the Stochastic Oscillator continues to trade in overbought areas.

The pair's bonded by the support at 83.50 and the resistance at 84.0 where a breach of any levels, would allow another 50 point movement to the pair whether it was to the upside or to the downside.

Note: data was collected at 13:30 GMT.