GBP declined. Overview for 07.06.2023
The British pound sterling has reversed down against the US dollar. The current GBPUSD quote is 1.2409.
Fresh statistics from Halifax show that property prices in the UK have fallen for the first time since 2012. According to the May data, average real estate prices have dropped by 1.0% y/y.
The decrease in housing prices is a negative signal for the British economy and the pound. It means that purchasing activity has slowed to such an extent that property owners are deciding to lower prices in order to remain in the market and be able to sell.
Housing in the UK is traditionally expensive, so this fact is indeed alarming. The pound has dropped because these statistics are likely to reveal more negative details.
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboMarkets bears no responsibility for trading results based on trading opinions described in these analytical reviews.
The material presented and the information contained herein is intended for our customers, and is for information purposes only and in no way should be considered as the provision of investment advice for the purposes of Investment Firms Law L. 87(I)/2017 of the Republic of Cyprus or any other form of personal advice or recommendation, which relates to certain types of transactions with certain types of financial instruments.