The Pound continues falling. Overview for 29.03.2018

GBPUSD boosted its decline despite the statistics that turned out to be rather neutral.

The British Pound continues retreating against the USD on Thursday afternoon. The current quote for the instrument is 1.4052.

There were plenty of numbers from the United Kingdom today. In the morning, the Gfk Consumer Confidence was published, which recovered in March up to -7 points after being -10 points the month before.

The final estimate of the UK GDP over the fourth quarter 2017 didn’t surprise anybody: the indicator expanded by 0.4% q/q, the same as the previous estimate. The Revised Business Investment over the same period added 0.3% q/q, although no changes were expected.

Investors didn’t like the Mortgage Approvals report. In February, the indicator was just 64K after being 67K in the previous month; it was expected to fall, but not this much. It’s quite interesting that at the same time the Net Lending to Individuals increased from £4.8B earlier to £5.4B this month. It means that the British population is ready to spend money on some minor purchases, but not willing to be involved in some long-term ones.

Another thing that puts additional pressure on the Pound is the strengthening of the USD over the last couple of days. The US GDP reading published yesterday provided some solid support to the USD and this momentum continues.

RoboForex Analytical Department