The UK housing market showed increased activity in February despite the fact that the RICS house prices index showed -13%. The Royal Institution of Chartered Surveyors (RICS) reports that this is the lowest decline since mid 2010.
The house price index increased from -16% up to – 135 in February. Nevertheless, the readings are still poor. Together with the weak economic performance n the UK and the eurozone instability, it presents a major concern for the Bank of England.
According to Richard Fisher, a BoE representative, the British banking system should be more stable and crisis-resistant.
FOREX.
The experts of offer their mid-term outlook for GBPUSD:
RP 2.5779 В D3, а(С)/С Н8 is completed
2.6167 = 123%
Bearish А/В Н8, potential в(С)
2.5930 = 62%
SC 2.5592/2.5779
Pivot2.5893
1) с(С) up (retracement for в(С) down to the pivot + sloping channel, further on, wave А is needed, with breaking pivot 2.6084 and SC 2.6774/2.6086)
2) wave level increase, a new upswing - а(С)/С (breaking the pivot and SC, down to 2.5780, with further breaking above 2.6174)
3) potentially reversal wave А/В (a break below 2.5780, a downward FZR, or breaking above 2.6174)
