The Sterling found some stability on Tuesday and this occurred even as the BBA Mortgage Approval numbers disappointed investors with a figure of 33.7k, which was well below the estimate and the previous month’s outcome. Thus, the GBP appears to have found some ‘fair value’ backing as traders may have held the notion that the decline in the GBP had been too swift the past few sessions. There will be no major data from the U.K. today and tomorrow the Nationwide HPI is tentatively listed on the schedule (but it is doubtful it will be released until later). The Revised GDP publication on Friday stands as the next big ‘local’ event for the Sterling and until then traders will move in a dollar centric mode.
Written by bforex.com