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Housing data hits GBP/USD
The pound is trading at $1.7116, and has lost ground after the Halifax survey revealed a drop of 0.6% in house prices in June, compared with a rise of 4% in May. This should take some pressure off Mark Carney as he has voiced his concerns about a booming British property market.
The Bank of England was recently given power to regulate the mortgage lending of UK banks, so the decline in house prices in June was not influenced by the central bank.
The poor industrial and manufacturing figures yesterday, and the soft housing data today have taken the momentum out of the pound.
If the GBP/USD can hold onto the $1.71 level, it could head to $1.7175 providing the Federal Reserve minutes at 7pm (London time) are on the dovish side.