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Home / Analytics / Forex analysis & forecasts / Forex Fundamental analysis / The Pound is rising. Overview for 24.08.2016
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The Pound is rising. Overview for 24.08.2016

In the middle of the week, the GBP/USD pair keeps positive momentum mostly due to the situation with the EUR/GBP pair.

The British Pound is growing in the pair with the US Dollar for the third day in a row. The current quote for the pair is 1.3229. In the mid-term, the instrument is still moving in the sideways range with the borders at 1.2780 and 1.3460.

Today, the EUR/GBP pair signifi8cantly weakened, thus supporting the Pound against the USD.

According to the data published today, the number of approved mortgage loans applications in the United Kingdom in July reduced up to 37,662 after 39,763 in June. This data is the weakest over the last 6 months, but the market barely noticed it. On top of that, June statistics was revised to the decreased number.

In addition to that, the number of approved permissions for home purchases in July dropped by 19% y/y. The main reason for this might be the current season, that’s why one should wait for the August and September numbers to track the tendency. Furthermore, the consumer crediting is doing fine as it has increased by 6% y/y.

It is unlikely that the overall outline of the loan sector was seriously damaged due to the UK’s decision to exit the European Union. No one doubts that the negative effect will influence this sector as well, but it will probably be seen later, because the country hasn’t left the Union yet.
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