Global macro overview for 07/11/2016:
The Halifax House Price Index is the UK's longest running monthly house price series with data covering the whole country going back to January 1983. Today's news release have shown the UK house price has increased 1.4%, while the market participants expected only 0.3% rise, just like it was a month ago. Moreover, house prices in the three months to October were 5.2% higher than in the same three months of 2015, but the market participants expected only a 4.8% increase. Martin Ellis, Halifax housing economist said that "annual house price growth has nearly halved from a peak of 10.0% in March this year, but still remains robust. This expected slowdown appears to have been largely due to mounting affordability pressures, which have increasingly constrained housing demand. Whilst house price growth may ease further in the coming months, very low mortgage rates and a shortage of properties available for sale should help support price levels". In conclusion, it looks like the property prices in the UK after the Brexit are still rising, which is contrary to market expectations.
Let's now take a look at the GBP/USD technical picture at the 4H time frame. The market has tested the golden trend line from the bottom and now is trying to rally again. The first obstacle for bulls is the technical resistance at the level of 1.2478 and then the local top at the level of 1.2555. On the other hand, the next support is seen at the level of 1.2333. Please notice that this pair will be under the influence of the Presidental Election results tomorrow as well.
From www.instaforex.com http://ift.tt/2frN6YR
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