At the Forex currency market the British Pound Sterling rate remains near the maximum price peak.
Forex forecast: MACD indicator is in the positive area for the pair GBP/USD and continues to move along the signal line, not giving a clear signal. Stochastic Oscillator stays in the overbought zone today, maintaining a pair buy signal and at the same time giving grounds for an indicator’s reversal.
Forex recommendations: if investors’ positive sentiment is preserved and in case of breakdown at the level of 1.6340 the pair will go to 1.6390 and further to 1.6420. If a breakdown does not take place the pair will continue to consolidate close to the current levels.
The data on the house price index Halifax Bank of Scotland – will be made public this afternoon; traditionally the Pound responds perceptibly to this statistics, therefore forces alignment in the pair can change.
It is worth noting that representative of the Bank of England, Bin stressed yesterday that current rise in oil prices is a serious risk to the recovery of the British economy.
The UK data released this morning showed that houses prices reduced by 0.2% m/m (-2.7% y/y), in February, as per Hometrack estimates. The Pound did not respond to the statistics, continuing to keep eye on the external background. The UK statistics released on Tuesday demonstrated that houses prices continued to increase in February – by 0.3% m/m, according to Natianwide estimates. At the same time the index reduced by 0.1% on annual basis. According to the experts of the agency, recovery remains weak and real estate sector is in no hurry to grow up.
The fact that different agencies demonstrate different data indicates lack of unified approaches in estimation of the real estate market. Let’s wait for today’s statistics.
Last week was eventful in terms of the UK statistics: it became known on Friday that level of consumer confidence in Great Britain rose to -28 points in February, as per GfK/NOP estimates, against the previous level of -29 points. The news was moderately optimistic for the Pound; however it did not save the Pound from sales.
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