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GBP/USD Daily Forecast – 25 December

Thursday was marked by BBA Mortgage Approvals data from the UK. BBA Mortgage Approvals showed decline to 45,000 compared to last month's 45,500 and expectations on increase to 46,300. Richard Woolhouse, Chief Economist at the BBA, said: “These statistics show the continued strength of the mortgage market, with monthly new lending higher than at any time over the past seven years. Net lending to companies is now expanding, particularly in the wholesale and retail sectors, as businesses take advantage of record low interest rates.”

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GBP/USD Daily Forecast – 25 December

Despite, expected lack of volatility due to Christmas Eve, Sterling was pushed much higher in the course of the yesterday'ss ession, breaking once again above 1.49 handle, and testing 1.4950 handle as a resistance, where in fact it found it, and pulled back slightly by the end of the session. As for tomorrow, it is Christmas Day, so banks will be closed and we can expect quiet session. Read more...

BBA Mortgage Approvals at the highest level in seven years

BBA Mortgage Approvals showed decline to 45,000 compared to last month's 45,500 and expectations on increase to 46,300. Richard Woolhouse, Chief Economist at the BBA, said: “These statistics show the continued strength of the mortgage market, with monthly new lending higher than at any time over the past seven years. Net lending to companies is now expanding, particularly in the wholesale and retail sectors, as businesses take advantage of record low interest rates.” 
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GBP/USD Daily Forecast – 24 December

Yesterday's session was marked by UK Current Account and Final GDP data. The United Kingdom’s (UK) current account deficit was £17.5 billion in Quarter 3 (July to September) 2015, unchanged from a revised deficit of £17.5 billion in Quarter 2 (April to June) 2015. Deficit was expected to increase by £21.6 billion.The deficit in Quarter 3 (July to September) 2015 equated to 3.7% of gross domestic product (GDP) at current market prices, down from 3.8% in Quarter 2 (April to June) 2015. While the total current account balance remained unchanged in Quarter 3 (July to September) 2015 there are equal and offsetting movements in the components.

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