The GBP/USD pair is making a recovery following a recent decline.

The British pound sterling, in tandem with the US dollar, is showing signs of an upward movement. The current GBP/USD exchange rate is at 1.2628.

With a decrease in pressure from the US dollar, the pound now has the opportunity for a corrective bounce.

This week, the UK has seen limited significant economic data releases. However, one noteworthy report is the January house price index, indicating that, according to RICS observations, buyer inquiries have reached the highest level in the past two years.

The index has surged to -18%, the highest since October 2022, surpassing the expected -25%.

The UK housing market has been gradually improving since the beginning of the year, aided by the recent reduction in interest rates on certain mortgage loans. While the volume of real estate sales in 2024 is likely to remain relatively subdued compared to average levels, the prospects have seen a slight improvement.

These statistics can potentially provide support to the economy and the pound in the upcoming period.

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