After speculations that the British currency would be undervalued in currency markets, the pound managed to climb versus the euro and the greenback, as it touched the lowest rate in 11 months versus the U.S. dollar earlier.

The British currency also benefited from a real estate report indicating an increase of 0.9 percent in house prices in November in the U.K., fueling speculations that the pound would be undervalued, which allowed the currency to gain versus most of the 16 main traded currencies.

GBP/USD traded at 1.6070 as of 22:01 GMT from a previous rate of 1.5885 yesterday.

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