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Forex Analysis
by ForexNewsNow Team on August 9th, 2010

Forecast: How will U.K. housing data impact GBP/USD?

NEW YORK (Forex News Now) – The Royal Institution of Chartered Surveyors, a trade group, is due on Monday to publish a key monthly report U.K. house prices in one of the day’s major FX news events.

The report is expected to show that house prices in Britain grew 5 percent in July , according to two major financial news outlets, after growth of 9 percent in June.

RICS is scheduled to release the report at 11:01 P.M., GMT; as such, the data is likely to dominate early Asian currency trading.

Given the current FX analysis, greater-than-expected growth, could lift GBP/USD toward resistance around the high of Jan. 28, 1.6276.

But should the data show smaller-than-forecast growth, or even a drop, the currency pair could be pushed down toward immediate support around Thursday’s low, 1.582.

FX traders will also be watching a report on U.K. retail sales, the BRC Retail Sales Monitor, which is also published at the same time as the housing report and is also likely to impact the currency.

By ForexNewsNow Team

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