19 May 2023, GBP/USD
GBPUSD trading plan:
U.S. existing home sales dropped 3.4% to a seasonally adjusted annual rate of 4.28 million units last month, the National Association of Realtors said. Sales fell in all four regions. Home resales, which account for a big chunk of U.S. housing sales, tumbled 23.2% on a year-on-year basis in April. The housing market has taken the biggest hit from the Federal Reserve's fastest monetary policy tightening campaign since the 1980s. Persistently tight housing supply is making it difficult for prospective buyers to wade back into the market to take advantage of the retreat in mortgage rates. Supply is unlikely to improve with many homeowners living longer in their properties, deterred by the still-high mortgage rates.
Investment idea: buy 1.2380 and take profit 1.2500.
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