Forex: GBP/USD drops on UK money supply
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GBP/USD
FXstreet.com (Barcelona) - The release of the UK rising money supply in July triggered a fall in the GBPUSD chart. From close to 1.5840, the pair has already dropped to 1.5815 (current daily low) and rests at 1.5820 before further moves.
M4 money supply (MoM) grew by 0.5% in the UK in July, more than the 0.4% consensus and following the -1.6% drop in June. The annualized data improved from -5.2% to -4.6%. Meanwhile, UK mortgage approvals rose from 44.124K to 47.312K, more than the 47.000K consensus.
"GBPUSD continues to hold near term over the short term uptrend at 1.5784 and is slowly inching higher", wrote Commerzbank analyst Karen Jones, pointing to potential retest of 1.5907 (61.8% Fibonacci retracement of the April-to-June decline).
M4 money supply (MoM) grew by 0.5% in the UK in July, more than the 0.4% consensus and following the -1.6% drop in June. The annualized data improved from -5.2% to -4.6%. Meanwhile, UK mortgage approvals rose from 44.124K to 47.312K, more than the 47.000K consensus.
"GBPUSD continues to hold near term over the short term uptrend at 1.5784 and is slowly inching higher", wrote Commerzbank analyst Karen Jones, pointing to potential retest of 1.5907 (61.8% Fibonacci retracement of the April-to-June decline).
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