Release Explanation: The index, comprised by the Bank of England, measures the number of mortgage approved for the purchase and refinance of homes throughout the United Kingdom. Trade Desk Thoughts: The number of mortgages approved by the BBA fell to 26.1K in March, weaker than what analysts had forecasted. The previously released number, for the month of February was revised to 28.0K. In March, net mortgage lending rose by £3.7 billion, slightly above the average of the previous six months, while consumer credit rose by only £0.1 billion. “Overall, the release shows that the actions taken by the Bank of England, to reduce the interest rate at an unprecedented pace, still have not fully reached the real economy and consumers,” Trade Team notes.

Forex Technical Reaction: The pound declined during the Asian session, but the pair managed to find a bottom during the European trading hours. Against the dollar, the British pound lost has 100 pips, while moving side-ways against the euro.