The U.K housing market has taken center stage over the last couple of months, as economic data has been showing that the sector is slightly improving. According to recent results, housing prices turned during August and presented a 0.2% increase in October, which brought the rate of house growth to -4.2%. Even though the housing market still has a long way to go, until it presents a full recovery, the sector is now being scrutinized by investors, as further improvement could lift sentiment, regarding the future outlook of the U.k’s economy.
Once again the U.K will release its BBA mortgage Approvals and Business investment figures today. The mortgage approvals result could spark volatility during the session as the number is expected to show that UK mortgage approvals will rise to 44,000 in October from 42,100 in September. Even though the news could be bullish for the Pound, the numbers in the re-mortgage market are still weighing on investor’s sentiment.
Technical Analysis – A Possible Trade Opportunity
Although the GBP/USD has been finding hard to climb higher over the last week, bouncing back and forth, today’s data could give investors a clearer picture of the upcoming trend. According to recent analysis, one can see that the GBP/USD has returned back into range, but is still trading around resistance.
Analysts Expectations for Wednesday 24th November
Data | Predicted Result | Last Result |
BBA Mortgage Approvals | 44,00k | 42.10k |
Business Investment | -3.5% | -10.20% |
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