GBP rises after testing a one week low

Published on Mar 01, 2024 15:34

GBP is consolidating after testing a one week low near 1.2600 mark against the US dollar. GBPUSD pair currently quotes at 1.2627, up marginally on the day. UK�s FTSE100 index is zoomed up 0.84% amid firm global cues and pushed up the Pound after recent losses. Cues from housing market were supportive too. UK house prices increased for the first time in more than a year in February as the decline in borrowing costs helped to bring an upturn in the housing market, the Nationwide Building Society said on Friday. House prices saw an annual increase of 1.2 percent, in contrast to the 0.2 percent decrease in January. The increase marked the first time upturn since January 2023. Month-on-month, house prices rose 0.7 percent, the same rate as seen in January.