Further Weakness in GBP on Poor Housing Numbers

Discussion in 'Forex' started by DannyBly1, Nov 11, 2008.

  1. U.K. home sales slumped for the month of October - declining to the lowest level in three decades while home prices continue to fall. Last week the Bank of England cut the benchmark interest rate to 3% - the lowest since 1955, in an effort to boost the economy.

    Technically we see the GBP/USD trading within a descending triangle on the daily chart - with price reaching for the support of the double bottom in the 1.5281 area. The daily MACD appears close to making a bearish crossover of the signal line.