Sterling Drops Against Dollar
After reaching 6 month high last week, pound sterling is now falling to it’s lowest lever in more than a week. Reason: Data signals Britain is not recovering as quick as expected.
Housing market slows down
The first decline in property prices appeared in July, showing a slower sales growth then previous months. Sterling fell to $1.5740 in London afternoon trading hours.
Analysts such as John Hydeskov, Danske Bank, believe Sterling is overbought and should have a correction. He suggest buying Norwegian krone instead..