HomeContributorsFundamental AnalysisUK House Prices Fall For First Time Since 2012

UK House Prices Fall For First Time Since 2012

For the 24 hours to 23:00 GMT, the GBP rose 0.69% against the USD and closed at 1.2478.

On the data front, UK’s Markit manufacturing PMI rose to 50.1 in June, compared to a reading of 41.1 in the previous month. The preliminary figures had also recorded a rise to 50.1. Meanwhile, the Nationwide housing prices fell 0.1% on a yearly basis in June, recording its first annual decline since 2012 and compared to a rise of 1.8% in the previous month.

In the Asian session, at GMT0300, the pair is trading at 1.2484, with the GBP trading 0.05% higher against the USD from yesterday’s close.

The pair is expected to find support at 1.2399, and a fall through could take it to the next support level of 1.2315. The pair is expected to find its first resistance at 1.2529, and a rise through could take it to the next resistance level of 1.2575.

Moving ahead, traders would keep a watch on UK’s GfK consumer confidence for June, slated to release overnight.

The currency pair is trading above its 20 Hr and 50 Hr moving averages.

GCI Financial
GCI Financialhttp://www.gcitrading.com/
DISCLAIMER : GCI's Daily Market Commentary is provided for informational purposes only. The information contained in these reports is gathered from reputable news sources and is not intended to be used as investment advice. GCI assumes no responsibility or liability from gains or losses incurred by the information herein contained.

Featured Analysis

Learn Forex Trading