GBP/USD 24.08.2016
Sterling extended gains above the 1.3200 handle, as speculators reduced bets against the pound after recent upbeat data suggested that the economy was holding up surprisingly well after the Brexit fallout. Data released by British Bankers Association (BBA) earlier in the session showed that Mortgage Approvals declined to 37.662K against consensus of 35.500K and previous 39.763K. Sterling rose 0.3 percent to a 3-week high of 1.3249, pulling away from a low of 1.3161 touched earlier in the session. Any break above 1.3185 confirms minor trend reversal, a jump till 1.3310 is possible. A minor weakness can be seen only below 1.31000.The minor support is around 1.3180/1.3130. Overall weakness is only below 1.3000 level. Against the euro, the pound trades 0.5 percent higher at 85.19 pence, having touched a 2-week high of 85.13 pence.