The pound is trading near a 9-month high versus the U.S. dollar as multiple news brought traders to the renewed attractive profile of the British currency, which is expecting a rebound in the U.K.’s housing market before the end of the year.
The pound is trading high versus both the euro and the U.S. dollar as renewed sentiment for the British economy attracted investors to purchase pound-priced assets, pushing the national currency to the highest levels in months versus its main traded currencies. The Royal Institution of Chartered Surveyors stated today that the house prices in the U.K. will experience a rise before the end of the year, changing previous allegations that the housing market would decline until the end of 2009. The U.K. housing market was one of the most affected by the credit crunch causing the sharpest declines in real estate prices in more than a decade.
The housing market rebound is the strongest factor supporting the British pound current rally, as it indicates that both economic scenario and sentiment in the country are improving, being these the first steps for the national gross domestic product to the leave the negative charts.
GBP/USD traded at 1.6993 as of 10:45 GMT trading virtually in neutrality in the intraday comparison.
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