GBP/USD dips as UK mortgage approvals decline, consumer credit surges
GBP/USD faces mild selling pressure around 1.2450 as UK mortgage approvals fell to 64,530 in November from 65,010 previously, signaling cooling housing market momentum. Despite the mortgage slowdown, consumer credit jumped sharply to £2.08 billion from £1.71 billion, suggesting resilient consumer spending patterns. Net borrowing of mortgage debt increased to £4.5 billion, recovering from October's £4.2 billion figure. The mixed data reflects divergent UK economic trends, with housing market moderation offset by strong consumer activity. This could complicate the Bank of England's policy decisions as they balance inflation concerns with growth stability. Technical indicators show GBP/USD testing support at 1.2440, with resistance at 1.2480. Traders await upcoming UK services PMI data for clearer directional cues on sterling's trajectory.
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