Get 40% Off
🚨 Volatile Markets? Find Hidden Gems for Serious OutperformanceFind Stocks Now

Forex - GBP/USD holds steady after mixed U.K. data

Published 01/30/2015, 04:42 AM
Updated 01/30/2015, 04:42 AM
Pound almost unchanged against dollar after U.K. data, U.S. reports ahead

Investing.com - The pound held steady against the U.S. dollar on Friday, after the release of mixed U.K. economic reports and as markets eyed the release of U.S. economic growth data due later in the day.

GBP/USD hit 1.5051 during European morning trade, the session low; the pair subsequently consolidated at 1.5058.

Cable was likely to find support at 1.4973, the low of January 26 and resistance at 1.5219, the high of January 28.

In a report, the Bank of England said that net lending to individuals fell to £2.2 billion in December from £3.1 billion in November, whose figure was revised down from a previously estimated £3.3 billion. Analysts had expected net lending to individuals to hit £3.2 billion last month.

Data also showed that U.K. mortgage approvals rose by 60,280 last month after a downwardly revised 58,960 increase in November. Analysts had expected the number of new mortgage approvals to rise by 59,000 in December.

The reports came after data published earlier Friday showed that the U.K. Gfk consumer confidence index improved to 1 this month from minus 4 in December, compared to expectations for a reading of minus 2.

Meanwhile, the dollar remained supported after the Federal Reserve indicated that interest rates could start to rise around mid-year.

Following its policy meeting on Wednesday, the Fed said it would keep rates on hold at least until June and reiterated its pledge to be patient on raising interest rates, while acknowledging the solid economic recovery and strong growth in the labor market.

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads .

The greenback was also boosted by data on Thursday showing that U.S. jobless claims fell to the lowest level since 2000 last week.

Sterling was lower against the euro, with EUR/GBP adding 0.11% to 0.7520.

Later in the day, the U.S. was to release preliminary data on fourth quarter growth as well as reports on business activity in the Chicago region and revised data on consumer sentiment.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.