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The scandalous news regarding the UK health minister's resignation, indeed, led to a serious reshuffle in the UK Ministry of Health and brought some variety, but by and large, nothing has changed in the market. The pound continues to be in a pronounced stagnation. Even the surge of activity associated with it was only temporary, after which the pound returned to the values from which everything began. And the scale of the movement turned out to be quite modest. In general, nothing has changed. But today, there is hope that the pound will be able to break out of stagnation, and data on the lending market should help it in this. First of all, we are talking about mortgage lending, which is of great importance for the real estate market. It, in turn, is quite important for determining the investment attractiveness of the entire British economy. And although the number of approved mortgage loans should be 82.0 thousand, compared to 86.9 thousand in the previous month, the volume of mortgage lending should grow by 3.4 billion pounds. In the previous month, it increased by 3.3 billion pounds. In other words, everything points to an increase in demand for more expensive real estate, which just belongs to the investment segment. In addition, the volume of consumer lending, after a reduction of 0.4 billion pounds, should increase by 0.2 billion pounds. So, consumer activity in general is also growing, and it is of great importance for the growth of the economy.
Mortgage lending volume (UK):
The GBP/USD currency pair managed to continue forming a downward course during the last trading day in the process of price recovery relative to the corrective movement in the period of June 21-23. It is worth considering that the quote came close to the base on June 22, where a variable pivot point was found.
The market dynamics has signs of slowing down if we proceed from the average daily volatility. At the same time, the coefficient of speculative operations continues to grow, and this may lead to a new round of acceleration.
If we proceed from the current location of the quote, we will see a slight stagnation within the 1.3860 mark, which just coincides with the base of June 22.
It can be assumed that the stagnation around the 1.3860 mark serves as a variable fulcrum, but if the price is kept lower than 1.3855, a move in the direction of 1.3785 is not excluded.
From the point of view of complex indicator analysis, it can be seen that technical instruments signal a sale, due to the process of price recovery relative to the recent correction.
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