The latest RICS house price expectation index has turned positive for the first time in 2 years amid signs of a significant slowing in the house price fall. Retail sales for June are up 1.4% in June, another sign that the gloom is lifting. Cable has not really reacted to these figures and we may have to wait until later in the day when London come in before we see some significant moves. If the newspaper headlines are positive then the dealers in London will be much more willing to buy the pound.