Pound Continues to Move Lower Ahead of Busy Week

The Great Britain pound continued to drop today, extending the Friday’s decline, as traders remained cautious ahead of the busy week.

Market participants became a bit more optimistic about the sterling after the Brexit deal between Britain and the European Union. This trading week should be important for the currency as it will be full with events such as major economic releases and the Bank of England policy meeting. Monday was light on economic releases, but the one that came out, the Rightmove House Price Index, was rather bad, showing a drop of house prices by 2.6% in December.

GBP/USD traded at 1.3368 as of 13:10 GMT today after opening at 1.3391 and rising to the daily high of 1.3431. EUR/GBP gained from 0.8790 to 0.8823.

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