Release Explanation: This report gauges the costs of homes in the United Kingdom. The figure is based on opinions of the state of the market and is calculated as a percentage of surveyors reporting a rise in prices minus those that are reporting a fall. Rising house prices indicate a strong housing market, which usually relates to a strong overall economy.

Trade Desk Thoughts: In the United Kingdom, house prices again took a fall according to the Royal Institute of Chartered Surveyors. The report has shown that 73.0 percent of surveyors reported a decline rather than a rise in house price in December. This is slightly better than the 76.0 percent reading in November. This matches closely with the Rightmove house price survey as Decembers figure fell 2.3 percent on a monthly basis and 6.3 percent year over year.

Forex Technical Reaction: After the 350 pip fall seen during Monday's session the pound is trading between the neutral LFB pivot point and the S1 level after a slight decline from this report. The pair is currently trading at 1.4775