The Great Britain pound reached the highest level in more than four years against the US dollar and the strongest in a year versus the euro before retreating below the opening level today. The rally followed yet another positive macroeconomic report from the United Kingdom.
Rightmove reported that the House Price Index rose 3.3 percent in February from January, when it advanced 1.0 percent. The data allowed the sterling to reach news highs before pulling back. The drop was likely caused by concerns that the currency, which was the best performer last week, is overbought.
GBP/USD was down from 1.6766 to 1.6719 as of 13:28 GMT today after reaching 1.6822 — the highest price since November 2009. EUR/GBP edged up from 0.8174 to 0.8191 following the drop to 0.8157 — the lowest rate since January 10, 2013.
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