GBP/USD Looks Past Soft UK House Price Survey, Focused on Brexit

Talking Points:

• The British Pound showed a mild reaction to its major peers as RICS data slips
• December's RICS House Price Balance 24% vs 30% expected, 29% previously
• UK Prime Minister May will seek Parliamentary approval to initiate Article 50

The British Pound showed a mild reaction against its major peers as the Royal Institute of Chartered Surveyors (RICS) said that the share of real estate agents polled in its survey that reported house price gains fell for the first time in five months. The report’s headline House Price Balance gauge crossed the wires at 24 percent in December, falling short of the 30 percent expected and 29 percent recorded in the prior month.

Traders have displayed much concern about economic stability in the United Kingdom following the Brexit vote, and poor data has often been ill-received. This time around however, Sterling seems to have been preoccupied with digesting politically inspired volatility from earlier in the week. The UK unit gapped down over 1.5 percent as Asia reopened after the weekend on fears of a "hard Brexit" path. It swiftly recovered after a much-anticipated speech from UK Prime Minister Theresa May struck a conciliatory tone.