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The GBP/USD currency pair moved in a rather stable manner during the whole period of the previous trading week, even though the beginning of the week was not so positive. The Pound rose higher against the US Dollar on Tuesday, after data showed that the UK economy grew in line with expectations in the second quarter. The next day, the pair even strengthened, due to the release of an upbeat data on UK net lending to individuals. According to the Bank of England, the total net lending to individuals increased by 3.8 billion pounds last month, above forecasts for 3.0 billion pounds and up from 3.1 billion pounds in April. The report also showed that the number of final mortgage approvals went up to 66,580 in June from 64,830 in May. As a result, starting a week around the 1.557 mark, the Cable went up to 1.562 in the morning on Friday. Dukascopy Community members, however, expected a negative move during the whole week, as 70% of votes were bearish.
Following hopeful development of the pair during July 27-31 week, participants of our weekly Community Forecasts quiz decided to become much more bullish on the Cable, as currently only 30% of them support movement to the south. This week will be rich on fundamental news, which will have a significant impact on the pair. On Wednesday, the UK is to release its closely watched report on service sector activity, while on Thursday, is going to be released a report on industrial production. Later in the day, the Bank of England is to announce its benchmark interest rate and publish its quarterly inflation report, while Governor Mark Carney is to hold a press conference about the report. From the American side, the US is to round up the week with the report on nonfarm payrolls.
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