The RICS House Price Index rose to 25 in November, up from 16 in October. The index sits at its strongest level in two years, reflecting a steady improvement in the UK housing market since last year’s trough, Scotiabank’s Chief FX Strategist Shaun Osborne notes.

GBP eases slightly against EUR

“The Pound Sterling (GBP) is trading at a small loss to the USD on the session, allowing a minor rebound in EURGBP, but Cable is essentially range-trading and the broader trend in EUR/GBP remains strongly negative.”

“Cable continues to hold in a flat trading range around the 1.2750 point. Support is 1.2710/15. Resistance is 1.2800/10. Short term trend momentum is weakening, suggesting that the range trade may extend a little longer.”

“EUR/GBP has developed a minor gain from this week’s low near 0.8225. Rebounds towards 0.8260/65 resistance are likely to attract sellers.”