GBPUSD – Flat
GBPUSD trading plan:
British house prices rose last month at their slowest pace since early in the coronavirus crisis and they look on course to fall as a surge in mortgage costs adds to uncertainty about the economy for home-buyers, a survey showed. The RICS house price balance – measuring the difference between the percentage of surveyors reporting price rises and those seeing a fall – fell sharply to +32 in September from +51 in August, signalling a slowdown in price growth. September’s reading was the weakest since July 2020, and a separate balance for sales volumes was the most negative since May 2020, the figures showed. The Bank of England has raised borrowing costs from 0.1% in December 2021 to 2.25% now. Investors are betting on a full percentage-point increase at the BoE’s next policy announcement on Nov. 3 as it tries to get a grip on inflation, which could be pushed higher by the tax cut plans of Britain’s new government.
Investment idea: buy 1.1279 and take profit 1.1350.
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