GBPUSD – Flat
GBPUSD trading plan:
Sales of new U.S. single-family homes unexpectedly rose in May, but the rebound is likely to be temporary as home prices continue to increase and the average contract rate on a 30-year fixed-rate mortgage approaches 6%, reducing affordability. New home sales jumped 10.7% to a seasonally adjusted annual rate of 696,000 units last month. April’s sales pace was revised higher to 629,000 units from the previously reported 591,000 units. The average contract rate on a 30-year fixed-rate mortgage increased this week to more than a 13-1/2-year high of 5.81%, from 5.78% last week, according to data from mortgage finance agency Freddie Mac.
Investment idea: sell 1.2300 and take profit 1.2220.
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