Yesterday's trading had the Pound mixed against its major pairs. The pound traded down against the Dollar, while strengthening against the EUR. During the Japanese trading session, the EUR/GBP was trading up at 0.9020 but off from yesterday's opening price of 0.9034.
Today traders will focus on the state of the U.K. economy as major economic data is set to be released. First to be released at 9:00am GMT will be the Halifax Housing Price Index (HPI). The leading indicator of the housing industry's health shows the change in housing prices and can influence the movement of the Pound. The rate is expected to decline by 4%. Up next will be manufacturing production numbers, set to be released at 9:30am GMT. The number is associated with the previous month and is a large percentage of total industrial production. The release is considered to be a good indicator of England's overall economic health.
These two major economic indicators may set the tone for today's trading in the Pound's crosses. Bullish numbers could send the pound higher against its rivals. Toward s the end of the trading day, we may see the GBP/USD trading near the 1.6535 mark and the EUR/GBP floating close to 0.8990.