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UK Fundamentals Give GBP Support

The 3/19 session had some UK data. 

Employment:
1) The Claimant count change was -34.6K for February, showing more people getting off jobless claims than the -33.9K January number. The forecast was only -23.3K so today's data came in beating expectations.
2) The unemployment rate was 7.2% for the 3rd straight month in February. The BoE is looking for 7.0% before it starts to tighten.


BoE Minutes:
The Bank of England revealed its latest meeting minutes. As expected, all members voted to maintain the current loose monetary policy.

The markets are expecting tightening in early 2015, and the pound has been gaining. Better employment data should continue this strong-GBP outlook.


(GBP/USD 4H Chart)

Cable has been consolidating since mid-February. Today's UK data can help push it back to the bullish mode. However, there is the FOMC meeting later that might make this difficult if the market reacts with USD-strength.