Housing Data Supports Sterling’s Rally

The Great Britain pound gained today as UK house prices were rising with accelerating pace this month, alleviating some fears that investors have had about Britain’s economy. Experts are still skeptical about the pound’s ability to keep rising, though.
The Rightmove House Price Index increased 2.6 percent in October after growing 0.9 percent in September. The data helped the sterling to extend its rally that has started after the currency bounced from fresh lows last week. Yet analysts are not convinced by the rally, and many of them think that gains of the pound should be considered a sell opportunity.
GBP/USD rose from 1.6102 to 1.6133 as of 14:47 GMT today. EUR/GBP was little changed at 0.7916.

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