The Great Britain pound was without clear direction yesterday and is still unsure where to go today even though domestic fundamentals were very supportive to the currency. The sterling rose against the Japanese yen, fell versus the euro and traded sideways against the US dollar.
The Rightmove House Price Index climbed 1.6 percent in March. The average asking price for property reached the new record high of £255,962. The report eased worries caused by previous poor economic data. The positive US macroeconomic indicators were helpful as well, adding to signs of global growth. As a result, UK stocks rose, providing additional support to Britain’s currency.
The sterling was falling against the euro and the yen last week and it looks like the currency may retain the bearish bias despite helpful fundamentals. The pound stuck in a narrow range trading without particular direction against the dollar since the middle of February.
GBP/USD traded flat at 1.6634 as of 1:02 GMT today. EUR/GBP edged higher from 0.8366 to 0.8375. GBP/JPY advanced from 168.48 to 169.29 yesterday and traded at 169.36 today.
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