This morning GBP is once again under pressure. GBPUSD is trading around 1.2950. Declines have intensified after the start of European session. Nevertheless, the data from the UK housing data surprised to the upside.
The Halifax house prices rose 1.3% m/m in June surpassing the market consensus calling for 0.3% m/m. Moreover, the previous reading was revised from 0.6% m/m to 0.9% m/m. It’s another important indicator to follow to measure Brexit fallout as the UK housing market seems to be vulnerable now. The report was conducted before the referendum so for more reliable data we have to wait to August.
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