UK Housing Market Lifts GBP/USD Amid Social Unrest

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GBPUSD – technical overview

Signs have emerged of the market wanting to put in a longer-term base after collapsing to a record low in September 2022. The door is now open for the next major upside extension towards the 2023 high at 1.3143. Any setbacks should be well supported ahead of 1.2500.

• R2 1.2861 – 12 June high – Strong
  
• R1 1.2800 – Figure – Medium
  
• S1 1.2673 – 6 August low – Medium
  
• S2 1.2613 – 27 June low – Strong
  

GBPUSD – fundamental overview

The Pound was still struggling on Wednesday from all the social unrest in the UK. However, we did see some demand on the back of UK house prices rising the most since January. Key standouts on Thursday’s calendar come from US initial jobless claims, wholesale inventories, and some Fed speak.

Exclusive FX research from LMAX Group Market Strategist, Joel Kruger