According to the results of the recent joint survey conducted by Markit Economics and Knight Frank, U.K. housing prices have been going up this month. At the same time, the owners are growing less confident when it comes to the pricing. It should be noted that the corresponding index advanced from 58.7 points in January all the way up to 59.6 in February. The current value is the highest one since late 2014. The biggest change was seen in London while Scotland showed the tiniest change.
For those of you who don’t know, any value above 50 points indicates price growth, Masterforex-V Academy experts report. Another interesting fact to keep in mind is that the index has been staying above the 50 level for 35 months in a row! At the same time, the same index projected into the future decline from 70.5 points in January to 69.8 points in February. The index shows expectations projected 12 months into the future.
FOREX
In the meantime, Masterforex-V Academy reports that the British Pound is still going down in value against the U.S. Dollar within the scope of a long-term downtrend, which corresponds to a long-term decline in the market of GBPUSD. The currency pair is moving down within the scope of wave 3/C of level Weekly2, the experts say. Yesterday, the price was developing wave 5 or the “Hound of the Baskervilles by Elder/MF” pattern.
The closest level of support can be found at 1.3967/45, 1.3773/42. A break above MF pivot 1.4668 and the top of the descending MF sloping channel will put an end to the downtrend and indicate a stronger pound.
