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by ForexNewsNow Team on October 29, 2010

GBP/USD extends pull-back after U.K. bank lending data

GBP USD analysis - a pile of poundsNEW YORK (Forex News Now) – Sterling extended its pull-back against the U.S. dollar on Friday, retreating from an 8-day high, after official data showed that U.K. bank lending to consumers fell more than forecast in September.

In European morning currency market trading, GBP/USD hit 1.5888, down 0.36 percent on the day, after falling from Thursday’s 8-day high of 1.5978.

The Bank of England said earlier that GBP 0.4 billion of credit was issued to consumers in September, lower than market expectations of GBP 0.9 billion and far below August’s figure, GBP 1.5 billion.

According to GBP USD analysis, cable was likely to touch support around the low of Oct. 20, 1.565, and encounter resistance around the high of Oct. 15, 1.6107.

Sterling’s losses also came as FX traders awaited key third quarter data on the United States’ gross domestic product, the primary measure of the country’s overall economic output.

Elsewhere, sterling extended its gains versus the euro: EUR/GBP traded at 0.8708, down 0.33 percent, according to intraday analysis.

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