The amount of approved mortgage loans in Great Britain showed another decline in March 2014. Still, the demand for new homes is still strong. Therefore, analysts expect the local banks to resume mortgage lending in the near future.
The amount of approved mortgage loans has been down for 2 months in a row.
According to the recent report from March 2014, British banks approved only 45 933 mortgage claims during the reporting period, which is below the same amount seen during the previous reporting period. These figures were published by the BBA. At the same time, the February figures were down from 47 550 down to 47 196. The March readings also disappointed investors since they had expected 48 950.
At the same time, the BBA reports that the March amount of approved mortgage claims is at the lowest point in 4 months. At the same time, it should be noted that the figures peaked in January 2014, thereby hitting the highest level since late 2007.
GBPUSD Prospects
According to the comprehensive analysis of GBPUSD conducted by Masterforex-V Academy, the currency pair keeps rallying within the scope a long-term rally. BPUSD keeps building the bullish wave a(C )/C of level Daily3. At this point, the currency pair is forming sub-wave 5 or wave A inside the “Hound of the Baskervilles” pattern by Elder/MF, Masterforex-V Academy experts assume.
A further rally followed by a break above 1.6857 will give way to new heights. The closest levels of resistance are located at 1.6902/10, 1.6952. Alternatively, a break below the bottom of the mF sloping channel and pivot 1.6777 will terminate the current bullish move.
