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Pound Falls Slightly After U.K. Nationwide House Prices Data

03:00, 31st July 2014

(RTTNews) - The British currency fell slightly against the other major counterparts ahead of European session on Thursday after data showed that U.K.'s Nationwide house prices grew less-than-forecast in July.

Data from Nationwide showed that U.K. house prices growth slowed in July, falling behind expectations of economists.

House prices rose 10.6 percent year-over-year in July, following a 11.8 percent increase in June. This was less than the 11.3 percent rise expected by economists.

On a month-over-month basis, house prices grew by 0.1 percent in July, its slowest pace since April 2013. This was notably slower than the 1 percent increase in June and the 0.5 percent growth expected by economists.

Pulling away from early highs of 1.6925 against the U.S. dollar, 1.5376 against the Swiss franc and 173.96 against the yen, the pound slipped to 1.6911, 1.5366 and 173.77, respectively.

If the pound extends its downtrend, it is likely to find support around 0.798 against the euro, 1.67 against the greenback, 1.52 against the franc and 172.54 against the yen.

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