The British Pound (GBP) has barely changed on the day, notes Shaun Osborne, Chief FX Strategist at Scotiabank.
GBP maintains consolidation range
“The RICS House Price Balance index turned positive in September (11%) for the first time in two years after a marginal gain in August was revised down to 0%. Survey reflects property valuers seeing higher prices minus those reporting falls and supports the prospect of further strengthening in the UK housing market as UK interest rates decline.”
“The GBP maintains a soft tone against the USD, but the Cable pair still remains in the 1.3060/1.3100 trading range it has held since the start of the week. The underlying trends remain negative and a test of the 1.30 support remains a risk. Weakness below 1.30 on a sustained basis would increase the chances of a deeper decline to 1.27/1.28.”
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
