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Analysts at Scotiabank explained that conditions surrounding the pound today.  

Key Quotes:

“The RICS house price index rose posted a gain of 2, a little firmer than expectations of a -4 outcome, although the broader trend in UK house prices remains very soft.”

“The GBP’s near-term prospects will be shaped by the market’s confidence in the BoE delivering an Aug rate hike (strong currently, with a 25bps hike 80% priced in) and next week’s parliamentary debate on the government’s Brexit proposal, which might give some indication of the risks facing PM May’s leadership later this year.”