Pound Declines Despite Favorable Fundamentals

The Great Britain pound declined today even though macroeconomic data from the United Kingdom was encouraging. The housing market looked particularly good as demand for property rose to its highest level in over three years.
The house price balance of Royal Institution of Chartered Surveyors improved from -2 percent to 1 percent in April. Still, it was below the analysts’ forecast of 2 percent. The Conference Board leading index continued to grow at the stable rate of 0.4 percent in March. Yet the sterling maintained its drop despite the positive data.
GBP/USD fell from 1.5298 to 1.5259, near the lowest since April 24, and GBP/JPY declined from 155.74 to 155.39 as of 12:43 GMT today.

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