In the wake of a Pound sell off, the British currency managed to recover and steady despite major concerns over the looming Brexit. Since April 2018, the Pound has lost more than 8% of its value on investor worries that the British government won't have managed to secure a deal that would ensure that current relationships with the EU trading bloc would continue to be favorable to both trading partners. Analysts have little faith that the respite will be enduring, however, and foresee further pressure on Sterling.
As reported at 11:11 am (BST) in London, the GBP/USD was trading 20% higher at $1.2967; the pair has ranged from a session trough of $1.2938 to a peak of $1.2974. The EUR/GBP is also higher, up 0.15% and trading at 0.8937 Pence, off the session peak of 0.89414 Pence while the low is at 0.89240 Pence
UK Housing Prices Surprise
Though generally not considered market moving, some analysts say that today's upbeat fundamentals, specifically the Halifax Housing Prices, have also helped the Pound edge higher. HBOS reported that housing prices rose 3.3% (year-over-year) for the 3-month period ending in July, well above the 2.7% predicted, and 1.4% (month-over-month) against expectations of 0.2%; the previous month's figures were revised upward from 0.3% to 0.9%.