Welcome to Monday's live coverage of the performance of the UK currency. A decent data release from Rightmove tells us that credit is starting to flow through the UK economy once more - positive news that will underpin the pound at the start of the week. We will also consider the latest forecasts and insights as well as the technical configuration of the various charts - this will be important for today's trade as the economic release calendar gets thinner.

Highlights:
@ 14:02: GBP tipped for further strength this week by Lloyds
@ 11:00: GBP-USD meet stiff resistance
@ 8:30: Rightmove data offers solid foundation for GBP

16:45: Outlook for British pound on Tuesday the 17th of June

Tuesday the 17th of June should see the event calendar pick up for the British pound - we have a raft of inflation data to digest. Inflation is a key data event in that it is important to the decision makers over at the Bank of England. Low inflation is generally bad for sterling as it provides the Bank with the space to cut rates and print money - all negative for GBP.  

See the inflation forecasts and expectations here.

15:37: Further support for British pound expected

Commonwealth Foreign Exchange Inc. tell us sterling should be well supported this week:

"Sterling remained within sight of a four-month peak against the dollar overnight. Recent strength in U.K. economic data has dampened expectations for the Bank of England to increase its £375 billion in bond purchases, a broadly positive scenario for the pound. This week, investors will turn their attention to the minutes of the latest BOE meeting for insight on how policymakers debated the pros and cons of additional easing. Barring any major dovish surprises, the pound should continue to enjoy broad-based support."

14:10: Pound can still eke out further gains against the US dollar

Robo Forex have consulted the charts and offer the following backing for sterling:

"The pound is moving inside an ascending channel; this morning the market was opened with a gap up. We think, today the price may form a descending correction towards the level of 1.5230. Later, in our opinion, the pair may return to the level of 1.5790 and only after that start a new descending correction."

14:02: Lloyds Bank Research tip the pound for further strength

Lloyds, in a weekly FX Positioning note, tell us:

"GBP still looks to have most potential to extend recent gains, as the rise in the pound has been less aggressive, the UK data continues to improve, and the arrival of Carney in early July as well as the Mansion House speeches and MPC minutes this week offer potential triggers for further GBP strength."

13:03: Sterling at lunch time

A quick look at the British pound after the morning session shows declines versus the commodity currencies, but continued strength against the EUR and USD:

GBP/EUR: 0.18 pct up at 1.1791.
GBP/USD: 0.11 pct up at 1.5725.
Commodity FX:
GBP/AUD: 0.35 pct down at 1.6361.
GBP/NZD: 0.2 pct down at 1.9477.
GBP/CAD: Flat at 1.5978.
GBP/ZAR: 0.62 pct down at 15.5409.

12:13: Westpac calls the end of the decline of the Australian dollar

Those holding out for a lower Australian dollar could be disappointed warn Westpac Global Research who warn that the Australian currency may have bottomed out here.

See the latest predictions for the Australian dollar from Westpac here.

11:00: Sterling hits lofty 4-month highs vs US dollar, but resistance arises

Richard Driver at CaxtonFX says the pound's advance against the US dollar appears to be running out of steam:

"Sterling is coming up against some resistance at these lofty 4-month highs. There is some significant news coming out of the UK this week but Wednesday evening’s Fed statement, press conference and economic projections will be the highlight of the week. The QE3 tapering debate has been the market’s No.1 concern for some time now and we could get some clarification this week. US data has broadly been on the firmer side of late so the dollar may yet get some help."

9:53: A period of calm on the currency markets?

UniCredit Bank tell us that the trend for the forex majors, GBP included, could well be sideways this week:

"Investors are unlikely to take heavy positions in advance of the Fed and SNB meetings later this week and, given the light agenda, FX majors are likely to trade sideways, provided stocks do not become too nervous."

8:35: Positive start for GBP

The British pound sterling (Currency:GBP) retains a positive tone at the start of Monday morning's trade:

The pound to euro exchange rate is 0.11 pct up on Friday night's close at 1.1783.
The pound to US dollar exchange rate is 0.06 pct higher at 1.5716.
The pound to Australian dollar rate is 0.47 pct in the red at 1.6340.

Please note that the above quotes are taken from the wholesale spot markets - your bank will affix its own discretionary spread when passing on a retail rate. However, an independent FX provider will guarantee to undercut your bank's offer, thus delivering more currency. Please read more here.

8:30: Rightmove housing data offers solid foundation for GBP on Monday

Midnight saw the release of Rightmove'se latest UK home price statistics - sellers raised asking prices for a sixth consecutive month.

Today's data follows on from last week's good data that saw the British pound perform in a strong fashion.

According to Rightmove prices sought rose 1.2 pct in June to an average 252,798 pounds.

"These increases, along with reports from agents and developers of a pickup in transactions, suggest a wider and more sustainable recovery as the price buoyancy of the London market shows signs of spreading across the country," say Rightmove.