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The Bank of England (BoE) reported U.K. mortgage approvals data for the month of November earlier on Wednesday which showed U.K. mortgage approvals increased to an eight-month high in November, highest since March 2016.
Data released by BoE showed number of mortgage approvals in U.K rose to 67,505 in November from a slightly downwardly revised 67,371 in the previous month. The number fell short of market expectations which stood at a level of 68,500.
"The overall impression coming from latest data and surveys is that while housing market activity has come off its August lows, but is still relatively limited and struggling to build momentum," said IHS Global Insight Economist Howard Archer.
GBPUSD got a lift from better construction PMI, edged higher to hit session highs of 1.2287. But the pair struggled to hold gains, slipped lower to trade at 1.2260 at the time of writing.
