The Pound is still falling. Overview for 07.02.2017

The GBP/USD pair is getting weaker on Tuesday afternoon after the USD rose and the United Kingdom published some not impressive statistics.

On Tuesday, the British Pound continues falling against the USD. The current quote for the instrument is 1.2378.

Today, the USD significantly rose in comparison with the yesterday’s trading session, thus putting pressure upon other currencies, including the Pound.

According to the statistics published today, the BRC Retail Sales Monitor lost 0.6% y/y in January after adding 1.0% y/y in the previous month and against expectations of expansion by 0.9% y/y. at the same time, the growth rate of cumulative sales decreased as well.

Other report showed that the Halifax House Price Index decreased by 0.9% m/m in January (the previous reading was +1/6% m/m), although it was predicted to add 0.2% m/m. On YoY, the indicator expanded by 5.7%, which is also worse than it was expected.

Combined with previous reports on the real estate market, which were indicating that the sector activity was slowing down, the big picture is getting less and less attractive: if earlier one could think it was a coincidence, then now everyone sees that the demand for real estate is probably decreasing. As a result, soon it may affect the number of sold houses. For the British Pound, it may put a lot of pressure.

RoboForex Analytical Department