British Pound Rally Getting Tired?

Yesterday was a quiet day for the British pound with only one significant economic indicator released, BBA loans for house purchase which increased to 44288 from previous results of 42088.

Hometrack house prices also increased 1.4 percent, but this was the lowest yearly rise since April 2006. Today the UK economic calendar is light with only the CBI distributive trades survey due for release. This indicator is generally a good barometer for retail sales which means that it could cause some action in the British pound. However the rally in the currency is looking tired and it will be interesting to see if the move will continue. This week we have a lot of potentially market moving UK economic data so stay on top of the data calendar.

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