On Friday British pound remained above 1.5200 level versus US dollar , receiving support after positive data from the United Kingdom and after disappointing economic results, that came out yesterday from the United States, that darkened expectations FED would take the road towards Quantitative Easing scale back.
GBP/USD pair was trading at 1.5216 during mid-day European session. Support was expected at 1.5110, lowest from Thursday, while the cross was to meet resistance at May 20th high, 1.5281.
Today it was reported that Net Lending Secured on Dwellings in UK rose to 0.9 billion GBP during April, exceeding expectations, which stated 0.5 billion GBP, while revised data during the previous period showed 0.5 billion GBP in net lending.
Additionally, Net Consumer Credit in United Kingdom registered increase to 0.5 billion GBP during April, surpassing the estimated 0.4 billion GBP, but decreasing in comparison with the preceding period, when revised data stated 0.6 billion GBP.
Business Lending in UK decreased, while Lending to Individuals rose slightly. This showed that current lending levels did not favor economic development. Net Credit to Small and Medium Enterprise segment in UK decreased by 660 million GBP. What could be observed from released data was, that Bank of England and British Government initiative to encourage lending was not developing as planned. The FLS program offers credit institutions cheap resource, purposed for lending.
Meanwhile, US dollar was put under pressure on Thursday, after the Department of Labor in United States reported the number of people who filed for unemployment assistance rose to a seasonally adjusted 354 000 last week, compared to estimates for a decline to 340,000.
In addition, the Commerce Department said Q1 Gross Domestic Product in US was revised down to 2.4% from a preliminary reading of 2.5%.
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