Chart: WorldWideMarkets Alpha Trader
Sterling initially rose 20 pips to 1.4760 from 1.4740 following the release of the UK Employment Data where the headline news showed the Unemployment rate fell to 5.7% in the three months to January matching the Bank of England forecast of a fall to 5.7%. The claimant count for Feb fell by 31,000, better than expected and the rate3 fell to 2.4%
Total Earning on the other hand, was lower-than-expected at +1.8% from Nov-Jan compared to +2.1% in the previous 3 months. Cable fell sharply on this data from 1.4760 to 1.4660 as the firm US dollar and higher euro-sterling (+80 pips to 0.7240) added selling pressure to cable.