The Pound is regaining its positions. Overview for 09.02.2017

On Thursday, the GBP/USD pair continues creeping upwards inside the correction influenced by the weakness of the USD.

Another lucky day for the British Pound: after several “losing” trading sessions in a row, the GBP/USD pair is being corrected for the third consecutive day. The current quote for instrument is 1.2555.

According to the statistics published today, the RICS House Price Balance was 25% against the previous and expected readings of 23%. The numbers show that after a short pause, the rate of house price growth is increasing again. However, such dynamics is fully justified, because the Brexit is still influencing the market sentiments.

Nevertheless, the cost of one square meter in London, the county which is some kind of standard, has been falling for eleven months in a row. Surveys relating to expectations for the next 12 months are even more disturbing: those surveyed by the RICS said that they didn’t expect the house prices in London to grow. However, as for the prospects for the next 5 years, predictions are quite realistic: one considers that purchases price may increase by a bit less than 20%, lease prices – by 25%.  

In January, the country’s real estate market is behaving as if it’s in slumber: some say that the activity on the market is the lowest over the last 9 years, others think that its due to seasonal fluctuations and possible consequences of the Brexit. Yet, the Pound is not reacting to the difference of opinions.

RoboForex Analytical Department