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A downturn in the UK housing market

A downturn in the UK housing market | 16 November 2023

16 November 2023, GBP/USD

A downturn in the UK housing market

GBPUSD trading plan:

British house prices fell in annual terms in September for the first time since 2012 and rents rose sharply last month, official data showed, underlining the weak state of the housing market. Britain's housing market, which boomed during the COVID-19 pandemic, has been hit by higher borrowing costs as the Bank of England battles the highest rate of inflation among large advanced economies. Mortgage lenders Halifax and Nationwide both reported house prices continued to decline in annual terms in October, although prices rose slightly on a monthly basis. This is a negative signal for the UK economy.

Investment idea: sell 1.2440 and take profit 1.2375.

David Johnson
Analyst of «FreshForex» company
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