GBP/USD UPDATE – 21/1/15 – 09.35:35

UK Unemployment comes in at 5.8% after 5.9% expected with 3mth change at 37k after 74k expected; Average weekly earnings come in at 1.7% after 1.7% expected; BoE minutes show a vote of 9-0 after 7-2 last…The data was pretty strong with earnings and the drop in the headline rate.. It was the vote that was the surprise. Support at the cycle low at 1.5035/24 is seen in Cable on the charts and a break here is needed to see initial weakness for 1.5000/4999, followed by a look to the 61.8% retracement of the 2009/2014 rally at 1.4913 next. With the 2013 lows just below at 1.4832/13, we would expect a basing effort here. Resistance shows at 1.5200 still.