GBP News

British households' finance outlook worsened further in June and their financial pressures remained sharp on higher living costs, results of a survey by IHS Markit and financial information provider Ipsos Mori revealed Monday.

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GBPUSD failed to break above 12817 resistance and stays in the trading range between 1.2634 and 1.2817. As long as 1.2817 resistance holds, the price action in the trading range could be treated as consolidation of the downtrend from 1.3047 and further decline to 1.2500 area is still possible after the consolidation. Key resistance is at 1.2850, only a break of this level will indicate that the downtrend had completed at 1.2634 already, then the following upward movement could take price into 1.3300 zone.

GBPUSD’s bounce from 1.2589 extended to as high as 1.2759. Further rise to test the resistance of the top trend line of the price channel on its 4-hour chart is possible. As long as the channel resistance holds, the bounce could be treated as consolidation of the downtrend from 1.3047, and another fall towards 1.2450 could be expected after the consolidation. Key resistance is at 1.2817, only break above this level will indicate that the downtrend had completed at 1.2589 already, then the following upside move could bring price into 1.3000 zone.

The Bank of England plans to raise capital requirement of lenders amid consumer credit growth.

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UK mortgage approvals should begin to gently recover by the end of this year on the back of supportive interest rates and a little stronger economic backdrop in the second quarter, Hansen Lu, a property economist at Capital Economics, said.

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The Bank of England needs to explore the possibility of raising interest rates if inflation continues to accelerate, the central bank's chief economist Andrew Haldane said Thursday.

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The Bank of England toughened its stance on credit card, personal loan and car finance provided by lenders.

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Britain's service sector expanded at a slower pace in June as new order growth hit a nine-month low, survey data from IHS Markit and the Chartered Institute of Procurement & Supply showed Wednesday. The services Purchasing Managers' Index dropped slightly more-than-expected to 53.4 from 53.8 in May. Economists had expected a 53.5 reading.

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Substantial reduction in trade between the European Union and the UK, following Brexit, could hurt the UK economy as it would force it to produce goods that are currently imported and raise costs, Bank of England Deputy Governor Ben Broadbent said Tuesday. The policymaker made no reference to the interest rate outlook during his speech at the Scottish Council for Development and Industry.

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Britain's unemployment rate declined to the lowest level in 42 years and the employment rate was the highest on record, while wage growth continued to lag behind inflation. The ILO jobless rate fell to 4.5 percent in the three months to May from 4.9 percent in the same period of the previous year, data from the Office for National Statistics showed Wednesday.

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