Signs Of Recovery In Britain’s Housing Market Despite November Price Drop

Signs Of Recovery In Britain’s Housing Market Despite November Price Drop

For the 24 hours to 23:00 GMT on Friday, GBP rose marginally against the USD and closed at 1.5879.

In the Asian session, at GMT0400, the pair is trading at 1.5918, with the GBP trading 0.24% higher from Friday’s close.

On Sunday, the Bank of England policy maker, David Miles, stated that the central bank still has the firepower to boost a sluggish economy and has scope for further stimulation with more asset purchases.

Meanwhile, according to a survey results released by Rightmove this morning, signs of recovery are emerging in the UK property market with house prices posting the least severe November fall in three years. Average asking price for a property in the UK fell 2.6% (MoM) in November to £236,761, the weakest November fall since 2009. In October, house prices were up 3.5%. Prices rose 2.0% (YoY) in November, following a 1.5% rise in the previous month.

The pair is expected to find support at 1.5861, and a fall through could take it to the next support level of 1.5805. The pair is expected to find its first resistance at 1.5949, and a rise through could take it to the next resistance level of 1.5981.