30 Jan 2015
GBP/USD consolidating the lows under pressure
FXStreet (Guatemala) - GBP/USD is trading at 1.5034 with a high of 1.5097 and a low of 1.4987.
GBP/USD is consolidating the downside in the recent trend of supply, making a minor recovery from the lows and back onto the 1.50 psychological handle. There has been a follow through of the downside, pressured through EUR/GBP and investors continuing to back the US dollar and dominated assets.
Market analyst, Ipek Ozkardeskaya at Scotiabank, noted that the surprise pick-up in UK mortgage approvals signal that the housing market may recover over months ahead (a quite GBP-positive info). "The improvement is obviously due to 10 basis point fall on effective interest rates on mortgages. As the real economy reacts to low rates, we expect limited downside in the short-term GBP/USD sell-offs".
GBP/USD is consolidating the downside in the recent trend of supply, making a minor recovery from the lows and back onto the 1.50 psychological handle. There has been a follow through of the downside, pressured through EUR/GBP and investors continuing to back the US dollar and dominated assets.
Market analyst, Ipek Ozkardeskaya at Scotiabank, noted that the surprise pick-up in UK mortgage approvals signal that the housing market may recover over months ahead (a quite GBP-positive info). "The improvement is obviously due to 10 basis point fall on effective interest rates on mortgages. As the real economy reacts to low rates, we expect limited downside in the short-term GBP/USD sell-offs".