The bank of England reports an increase in the amount of mortgage loans approved in December 2011 up to 52 939 (higher than expected). November’s reading was 52 628. The £0.7B increase in mortgage lending seems to have come up to analysts’ expectations.
On the other hand, consumer lending have failed to come up to expectations (-£0.4B against the forecast of +0.4B).
In the meantime, according to the Department of Masterforex-V Trading System , GBPUSD keeps implementing the bullish scenario given in yesterday’s outlook. The currency pair seems to have finished the formation of wave A(C )/C H2. A break above the local high 1.5795 will trigger sub-wave С(С). The closest levels of resistance are 1.5809, 1.5869. The current uptrend will be completed once the price breaks below the MF sloping channel and pivot 1.5656 (as shown below):
