Sterling has fallen down from recent highs after statistics show that unemployment in the UK has risen to highest level since November 1996; http://news.bbc.co.uk/1/hi/business/8104546.stm . This was less than expected but it has still harmed the pound with it falling down to lows of 1.1715 against the EUR. This fall has been compounded by news of exports possibly stabilising within the Eurozone; http://uk.reuters.com/article/businessNews/idUKTRE55G2V020090617 . The release of this news in conjunction has caused GBP's fall leaving people taking profit on those EUR's they bought over the last couple of days
The markets remain volatile especially in the pairing of GBP/USD as the prices are moving by 30-40 points across a half an hour. This stormy climate looks set to continue as uncertainty remains over the dollar's position as the world's reserve currency. Lots of clients at the brokerage I work for (www.escapecurrency.com) are taking advantage of this with forward contracts to make a nice little profit in this economic downturn.....
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