Good UK news boosts the pound on Thursday

Currencies Direct November 30th 2012 - < 1 minute read

The pound saw positive movements on Thursday (November
29th) following good news on two fronts for the UK
economy to give it a boost that it has needed to keep
foreign currency exchange
the 1.6000 level against the dollar

GfK’s latest consumer index showed that there had been an rise
in confidence throughout the nation, increasing from -30 in October
to -22 in November.

On top of this, mortgage approvals were also on the way up, with
reports stating that mortgage approvals rose to 53,000 throughout
the past month.

Both of these pieces of positivity are set to see the GBP/USD
pair perform well toward the end of the week, hitting 1.6017 on
Thursday and likely to find resistance at 1.6063 on Friday.

Elsewhere, it was also a positive day for the euro, as
confidence rose on Thursday on better predictions surrounding the
US fiscal cliff, to leave the single currency sitting at 1.2952
against the greenback heading into the final day of the week.

Written by
Currencies Direct

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