GBP/USD: RICS data suggests improvement in UK housing market – Scotiabank
|August’s RICS House Price Balance data strengthened to +1%, well ahead of July’s –18% and the forecast of –14%, Scotiabank’s Chief FX Strategist Shaun Osborne notes.
GBP is consolidating for the time being
“The data (reflecting the difference between agents reporting higher house prices minus those reporting a fall) was the strongest in close to two years. Details in the report were strong as well, suggesting that expectations of lower interest rates has given the UK housing market a significant lift.”
“Cable is holding a narrow range well withing yesterday’s spot range. This implies some moderation at least in short-term pressure on the pound. Support is 1.3000 intraday while resistance is 1.3110.”
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