Sun, Feb 05, 2023 @ 17:52 GMT
HomeContributorsFundamental AnalysisUK House Prices Post Largest Monthly Gain Since Last August In March

UK House Prices Post Largest Monthly Gain Since Last August In March

For the 24 hours to 23:00 GMT, the GBP rose 0.26% against the USD and closed at 1.4131, after British house prices data came in better-than-expected in March.

Data indicated that UK’s Halifax house price index climbed 1.5% MoM in March, posting its largest increase in 7 months. Market participants had anticipated the index to climb 0.1%, after recording a revised gain of 0.5% in the prior month.

In the Asian session, at GMT0300, the pair is trading at 1.4130, with the GBP trading a tad lower against the USD from yesterday’s close.

Data released overnight showed that the nation’s BRC retail sales across all sectors unexpectedly advanced 1.4% on an annual basis in March, compared to a rise of 0.6% in the prior month and confounding market consensus for a fall of 0.1%.

The pair is expected to find support at 1.4085, and a fall through could take it to the next support level of 1.4039. The pair is expected to find its first resistance at 1.4170, and a rise through could take it to the next resistance level of 1.4209.

In absence of key macroeconomic releases in UK today, investor sentiment would be governed by global macroeconomic events.

The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.

GCI Financial
GCI Financial
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.

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