The British pound started to decline and renewed session lows after the release of data on the housing market in the country. So in June home price index in the UK fell by 0.6%, which is 0.3% worse than the forecast. In the previous month prices in the UK rose by 4.0%. It is worth recalling that yesterday traders were disappointed by the data on reduction of industry in the country by 0.7%, which is 1.0% worse than analysts' expectations.
The news significantly limit the growth potential of the British pound, but we maintain a positive outlook for the medium-term. The central event of the week will be a statement of the Bank of England on monetary policy tomorrow, as well as report on the country's trade balance in May.
Wish you the profits!
FXFINPRO Capital Analytical department.