DailyFX: Bears Pound Cable

Bearish sentiment returned to the pound today despite relativelyfirm GDP data and a marked jump in mortgage approvals figures from BritishBankers Association. UK GDP printed  at0.4% in line with consensus but showed an improvement in year over year rising1.7% vs. expectations of a 1.6% gain. Meanwhile mortgage approvals jumped 23%on a year over year basis suggesting that the UKhousing market has stabilized. The news however, had no positive impact onsterling, as traders became convinced that interest rates in UKare likely to remained boxed in at present levels and growth  will remain lackluster. At 11:00 GMT cable was trading at 1.7156 lowerthan the 1.7240 close in New York. 
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