The U.K. currency rose against most major currencies in the early European session on Wednesday amid comments from country's Business Secretary Vince Cable that lending to small business requires more attention, including the provisions under funding-for-lending scheme.
While speaking in London, Cable said that FLS program had a small impact on mortgage market but not on lending for small enterprises. The FLS scheme is a useful one, however it need targeted support specifically for small and medium enterprises, he added.
U.K. house prices fell 0.2 percent month-on-month in January after rising for two straight months, a survey by Lloyds Banking Group's Halifax division showed today.
The monthly rate of fall matched economists' expectations and follows a 1 percent rise in December and 1.6 percent increase in November.
The pound advanced to 1.5675 against the dollar, recovering from an early low of 1.5634. The next upside target level for the pound-greenback is seen at 1.575. The pair ended Tuesday's trading at 1.5661.
Against the franc, the pound edged up to 1.4312 after declining to a 1-year low of 1.4187 in early deals. The pound may face next resistance level at 1.44. At yesterday's close, the pair was worth 1.4226.
The pound appreciated 0.48 percent to 0.8634 against the euro from yesterday's close of 0.8676. The next likely upside target level for the pound is seen at 0.86.
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