GBP: British pound sterling continues to go down

At the Forex currency market the British Pound Sterling rate continues the descending trend today, which started on Monday.

Forex forecast: MACD indicator is in the negative area for the pair GBP/USD which gives grounds for a pair sell signal. Stochastic Oscillator is not
giving a clear signal today, being in the neutral zone.

Forex recommendations: off the market. Feasible event scenario at Forex: in case of breakdown at the level of

1.6125 the pair will go to 1.6160 and 1.6180. If the level of   1.6030 is exceeded, traders' targets will be the levels of 1.5990 and 1.5960.

Players await the data on the UK consumer prices index for October, due to which the Pound is under pressure. If the released data is weak, the
currency will have another reason to go down. We would remind that yesterday morning the UK real estate data was published.  According to Rightmove estimations houses prices reduced by 3.2% on monthly basis (+1.3% y/y) in November. A month earlier the index rose by 2.9%.

The situation in the sector continues to be ambiguous. Earlier the LSL/Acadametrics estimations showed that houses prices in England and Wales
went up by 0.3% in October, the rise is going on for six consecutive months, increasing by 6.1% on annual basis; analytics in the real estate sector
contradict one another: Halifax stated that houses prices in October increased by 1.8%, Nationwide insisted that the indicator fell by 0.7%. It
is a paradox, but a fact why would houses prices grow rapidly in the country with low level of consumer spending and high unemployment rate. Nationwide economists stressed earlier that if the trend which had started in the early summer would continue in November and December, the prices would have a chance to drop by 1% by theRightmove clarified that they noticed the oddity in indicators in October;however they assumed that traders deliberately start to overprice to holdthe objects until better time.

It is also worth noting that the level of consumer confidence in Great Britain reduced to 52 last month, as per Nationwide against the level of 53.
Thus, the indicator fell to the low of 19 months, which indicates negative outlooks for the British economy.

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