The British pound proved to be one of the weakest major currencies yet again on Wednesday, and with EURGBP clear above the 200 SMA, there is additional potential for the currency to fall further against the euro. UK data was generally in line with expectations, but altogether highlighted the bleak macroeconomic view in the nation. The number of claims for unemployment benefits rose by 24,400 in August to 1.61 million, pushing the claimant count rate up to 5.0 percent from 4.9 percent. Furthermore, the number of people looking for jobs rose by 210,000 in the three months through July to a total of 2.47 million, which is the highest since 1995. The data comes on the tails of comments from Bank of England Governor Mervyn King, who said yesterday that “unemployment is either going to keep rising or remain high” even after the recession ends, which should keep consumption under pressure.