Investing.com - The pound fell to session lows against the dollar on Wednesday after the minutes of the Bank of England’s most recent meeting showed policymakers remain split over more easing, while a separate report showed that unemployment in the U.K. rose in March.
GBP/USD hit 1.5285 during European morning trade, the session low; the pair subsequently consolidated at 1.5286, shedding 0.48%.
Cable was likely to find support at 1.5198, the low of April 5 and resistance at 1.5371, the session high.
The minutes of the BoE’s April meeting showed that policymakers remained split over monetary policy. Outgoing Governor Mervyn King and two other policymakers backed more easing, while six voted against. The vote to leave interest rates unchanged at 0.5% was unanimous.
Meanwhile, the Office for National Statistics said the U.K. unemployment rate unexpectedly rose to 7.9% last month, from 7.8% in February.
Analysts had expected the unemployment rate to remain unchanged.
Average earnings rose by a seasonally adjusted 0.8% year-on-year in the three months to February, below expectations for a 1.2% increase.
The number of people seeking unemployment benefits fell by a seasonally adjusted 7,000 in March, compared to expectations for an increase of 500.
Sterling fell to session lows against the euro, with EUR/GBP rising 0.61% to 0.8625.
GBP/USD hit 1.5285 during European morning trade, the session low; the pair subsequently consolidated at 1.5286, shedding 0.48%.
Cable was likely to find support at 1.5198, the low of April 5 and resistance at 1.5371, the session high.
The minutes of the BoE’s April meeting showed that policymakers remained split over monetary policy. Outgoing Governor Mervyn King and two other policymakers backed more easing, while six voted against. The vote to leave interest rates unchanged at 0.5% was unanimous.
Meanwhile, the Office for National Statistics said the U.K. unemployment rate unexpectedly rose to 7.9% last month, from 7.8% in February.
Analysts had expected the unemployment rate to remain unchanged.
Average earnings rose by a seasonally adjusted 0.8% year-on-year in the three months to February, below expectations for a 1.2% increase.
The number of people seeking unemployment benefits fell by a seasonally adjusted 7,000 in March, compared to expectations for an increase of 500.
Sterling fell to session lows against the euro, with EUR/GBP rising 0.61% to 0.8625.