Release Explanation: An economic indicator that measures sales of newly built and existing homes. The release includes both quantity and price statistics. “The House Price Index and Home Loans cover each region’s house valuations and the amount of Mortgage/Lending being made on them,” TheLFB-Forex.com Trade Team said.
TheLFB-Forex.com Trade Desk Thoughts: U.K. house prices continued to decline in April, after rising unexpectedly in the previous month. The average price for a U.K. house in April reached £ 151,861, down 0.4% from March. Analysts believe the bottom in the housing market has not been hit, even though some improvements have been seen in the last few months.
Forex Technical Reaction: The pound gained 80 pips during the overnight session, now trading just under TheLFB R1 (1.4835)