The housing prices in the UK increased in August. This is confirmed by Nationwide. The factor that drove the prices was higher demand for residential property due to governmental programs.
The HPI shows a 0,6% (m/m) increase during the reporting period. At the same time, the year-over-year increase is 3.5%. The data are slightly below July’s figures (0 .9% and 3.9% respectively). The average price gain in 3 months is 1,4%.
The price growth was driven by several factors. The FLS program was the key driver. The data seem to have supported the British Pound.
Forex
The chart below, courtesy of Masterforex-V Academy, reflects the current state of affairs in the market of GBPUSD. The British Pound is strengthening today against the US Dollar. The currency pair is rallying respectively within the framework of wave A/B of level H4.
A further rally will probably encounter resistance around 1.5600/06, 1.5629, 1.5647/49, 1.5677/83. The current bullish move will be completed as soon as the price overcomes the bottom of the MF sloping channel and consolidates below 1.5482 (as shown below).
