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Forex Analysis
by ForexNewsNow Team on December 30, 2010

Nationwide HPI expected to remain at previous month’s level

NEW YORK (Forex News Now) – The Nationwide Building Society is due on Friday to release key data on the House Price Index, in the week’s major realtime forex news event affecting the British pound.

The report is expected to show that the selling price of homes with mortgages backed by Nationwide didn’t change at all this past month, online FX trading news site reported, after it dropped by 0.3% on the last reading in November.

The building society is scheduled to release the report at 7:00 A.M., GMT; as such it should have a big impact on currency market trading tomorrow.

According to GBP/USD analysis, a rise in the index could lift the currency pair toward short-term resistance around the Dec. 16 high of 1.5636.

But should the data show another fall in the index, GBP/USD could push toward short-term support around 1.5370, the low of Dec. 27.

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