The pound sterling (IPA: /paʊnd 'stɜː.lɪŋ/, symbol: £; ISO code: GBP), often simply called the pound, is the currency of the United Kingdom, its Crown dependencies (the Isle of Man and the Channel Islands) and the British Overseas Territories of South Georgia and the South Sandwich Islands[1] and British Antarctic Territory.[2] It is subdivided into 100 pence (singular: penny).The Gibraltar pound, Falkland Islands pound and Saint Helena pound are separate currencies, pegged to the pound sterling.Sterling is the third-largest reserve currency, after the US dollar and the euro.[3] The pound sterling is the fourth-most-traded currency in the foreign exchange market after the US dollar, the euro, and the Japanese yen.[4]

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Thursday, April 2, 2009

British Pound Gains with Other 'Risky' Currencies, UK House Prices Rise for First Time Since October 2007

The British pound continued to make headway higher on Thursday, along with other risky assets, thanks to broad improvements in investor sentiment along with surprisingly strong UK economic data.

Indeed, Nationwide home prices unexpectedly rose 0.9 percent during March, marking to first increase since October 2007, which helped to push the annual rate of growth up to -15.7 percent from -17.6 percent. This is one of the only positive releases we’ve seen from the UK in quite some time, but of course, it will take much more than just one economic report to signal recovery. As it stands, the outlook for the UK remains very bleak due to the extent of the slowdown in both domestic demand and foreign demand. From a technical perspective, though, upside potential remains for GBP/USD as the pair has broken above the 100 SMA at 1.4565, but we still need to see a push above the March 24 high of 1.4781.
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