FXstreet.com (Barcelona) - The Sterling (GBP) lost a lot of the support that had formed in previous weeks as HSBC reported a 17 Billion loss and initiated a capital raising effort.

Mortgage data was extremely weak with January lending falling to 0.69Bn vs. 1.794Bn previously. Market attention now turns to BOE meeting on Thursday.

Easy Forex Team said: Overall the GBP/USD traded with a low of 1.3961 and a high of 1.4288 before closing the day at 1.4060 in the New York session.