The British Pound has recently
retraced on negative lending stats. Not so long ago, the British
currency showed considerable strength against other majors. But the
recent retracement seems to have made experts get divided over the
near-term prospects of the British Pound.
The total lending volume declined down to 9.9bn pounds. While the
lending based on credit cards increased up to 34 million pounds in
October, the amount of mortgage claims declined down to 42808 during the
same reporting period. The data disappointed analysts since they had
expected 45000 claims.
According to Rabobank's London office,
the recent strengthening of the British Pound certainly took into
account all the positive figures concerning the British economy. At the
same time, BNP Paribas predicts that the British currency will keep
strengthening in the near future.
According to Masterforex-V Academy, the British Pound keeps strengthening against the US Dollar, though the price has just retraced against the recent upswing.
A further downswing below 1.6132 will give way to developing wave A/B of Daily. In this case, the closest levels of support will be found at 1.6107, 1.6093/91, 1.6065, 1.6049/47.
A further rally above 1.6240 will probably encounter resistance around 1.6260, 1.6331, 1.6387.
