Data published on Friday showed that UK lending grew. UK Net Lending to Individuals in April was 1.4 billion pounds vs. expectations for 0.9 billion pounds. Net lending Sec. On Dwellings was 0.9 billion pounds. Mortgage Approvals was at the March's level, 54K. Nevertheless, the pound dropped 35 points amid the position closing in the last month's day.
Today at 12:30 GMT+4 UK Manufacturing PMI in May is published, forecast 50.1 vs. 49.8 in April. At 18:00 GMT+4 data on US Construction Spending in April is issued, forecast 1.0% vs. -1.7% in March.
We expect the pound will grow (after it overcomes the testing level 1.5228) to the range 1.5270/80. If data is negative and the price consolidates under the testing level 1.5192 (support of the green trend line on the daily chart), we expect downward movement to 1.5134.
