The British pound gained ground vis-à-vis the U.S. dollar today as cable tested offers around the US$ 1.4470 level and was supported around the $1.4185 level. Sterling closed the week on a strong note, retracing some of the losses of the past several weeks. U.K. data released today saw December mortgage lending improve from November’s all-time lows. Total net lending reached its highest level since July 2008 and net lending to individuals rose to ₤2.2 billion from ₤1.6 billion in November. Cable offers are cited around the $1.4720 level. The euro came off vis-à-vis the British pound as the single currency tested bids around the ₤0.8850 level and was capped around the ₤0.9080 level.
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