FXstreet.com (Barcelona) - The GBP/USD has been heavily bearish this morning, pulling back from an overnight high of 1.6280 and testing the weekly low currently at 1.6260. While the overall risk-off trade contributes to the losses, a somewhat weak UK lending report helps to exasperate the downside momentum.

If Cable continues to push lower, expect immediate support at 1.6200 (Psychological), 1.6121 (Daily Low Jul 21) and 1.6069 (Daily Low Jul 20). In the case of a reversal, resitance is placed at 1.6374 (Session High Jul 29), 1.6383 (Daily High Jul 28) and 1.6443 (Daily High Jun 14).

Regarding the earlier fundametal release, consumer credit increased by �0.4B in Jun from �0.3B while net lending to individuals came in at �0.4B compared to the prior �1.3B. What�s more, mortgage approvals improved 48K vs a prior revised 46K. The UK M4 money supply on the other hand contracted by 0.5% over the month compared to a prior growth of 0.1%.