08 August 2023, GBP/USD
GBPUSD trading plan:
British house prices fell in July for the fourth time in a row in month-on-month terms but the market is showing some signs of resilience in the face of the climb in borrowing costs, mortgage lender Halifax said. Prices fell by 0.3% from June and in year-on-year terms they were down by 2.4%, a slightly smaller drop than June's 2.6% decline which was the largest such fall since June 2011. Halifax said demand from first-time buyers was holding up with some of them searching for smaller homes to offset the Bank of England's rise in borrowing costs to fight high inflation. But the buy-to-let sector appeared to be under pressure, possibly pointing to more homes being put up for sale which could ease the long-standing shortage of properties on the market, a factor behind the high valuations.
Investment idea: sell 1.2770 and take profit 1.2711.
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