Pound Retains Strong Upward Momentum

The Great Britain pound extended its move upward today, rising to the highest level since November against the US dollar and gaining versus the Japanese yen. Today’s economic data was supportive for the currency while yesterday’s news was not so much.
Today, Royal Institution of Chartered Surveyors reported that the house price balance was at the +33 mark, far above the median forecast of +22 and exceeding even the most optimistic expectations. Yesterday’s news was not as positive for the sterling as the Bank of England revised its outlook for UK economic growth for this year to 2.5 percent from 2.9 percent in the previous estimate. The report did not have a lasting impact on the currency, though, and the pound continued to march forward during the current trading session.
GBP/USD rose from 1.5744 to 1.5790 as of 10:31 GMT today, trading near the highest level since November 11. GBP/JPY rallied from 187.58 to 188.21.

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