Pound Extends Gains on Mortgage Approvals

The pound has been recovering steadily this week and extended its gains this Thursday as mortgage approvals in the British Isles rose, adding investors’ confidence to inject capital in the U.K.’s financial sector, fueling attractiveness for the British currency.
The pound rose today after mortgage approvals came better than expected, indicating that British real estate sector may be recovering, which coincided with a quarterly GDP reporter in the U.S. indicating the first growth in 2009, attracting traders to riskier options and favoring the pound in currency markets.
GBP/USD traded at 1.656 as of 02:10 GMT from a previous rate of 1.6386 yesterday.

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