On Monday, the GBP/USD pair is falling a bit, although the sales are more of emotional nature.
The British Pound still looks quite unstable. The current quote for the instrument is 1.4183 as it moves right in the middle of its mid-term trading range.
According to the statistics published today, the average price of the house in the United Kingdom in April increased by 1.3% m/m against the same strengthening in March 2016. On a year-on-year basis, the indicator increased by 7.3% against the strengthening of 7.6% the month before.
Demand for the British real estate remains quite high. Note that the buyers are very active in their interest in houses in London suburbs. In London itself the price increased only by 0.3%. It appears that the demand is real more than investment. If so, then it is estimated rather positive.
There were a lot of discussions about increase of prices in the UK real estate market – for instance five years ago, and last year as well. However, none of them spiraled into something more or less serious. Extraordinary demand for the British square meters is smoothed by domestic factors. So far, the market is keeping its balance by itself.
The British Pound remains weak up until a strong driver in the British economy appears. At the same time, endless discussions about “brexit” only makes investors more nervous.
RoboForex Analytical Department
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