Valeria Bednarik, chief analyst at FXStreet explained that the Pound Sterling weakened at the beginning of the day, falling down to 1.3056 against the greenback, the lowest in two weeks, after MPC member, Martin Weale, shifted it stance, and now favors adding more stimulus to the local economy.
Key Quotes:
"The pair bounced from the mentioned low up to 1.3175, ending the day with moderated gains around 1.3150, but maintaining the neutral bias seen on previous updates. Data coming from the UK showed that mortgages approvals in June, fell to 40.1K against previous 41.8K, while business borrowing in the same month dropped for the first time in 2016, down by £526m last month to £262.4m."
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