The GBP / USD is trading upward, expecting strong GDP statistics and relying on confident signals from the real estate sector.
This Tuesday the British Pound continues to aim higher - a little more, and the GBP / USD pair will reach the local maximum of
1.6857. Last night this mark has been tested, but the pair was not able to gain a foothold above that price.
Today the locals are waiting for the preliminary GDP statistics for the first quarter of this year. This report is important for assessing the prospects for the British economy, but the expectations of the investors are overall positive.
The real estate statistics were released earlier. Thus, it became known that the average asking price for homes in the UK rose by 0.6% m/m, entrenched by the same amount as the previous month. In the annual comparison to the current moment the prices have increased by 6%. The previous month the rise was 5.7%.
According to Hometrack, a major positive factor for the property market is still the record low interest rates from the Bank of England. At the moment the rates remain at 0.5% per annum, and the growth of real estate prices can be seen in more that half of the British land.
It is possible that today we will see the GBP/USD pair testing 1.69
RoboForex Analytical Department
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.