UBS: House price data falls, GBP/USD is under pressure

On Tuesday (November 22nd) in Asian afternoon, the GBP/USD continued to oscillate downwards yesterday and traded around 1.5638. The exchange rate is below the 20-day moving average and the short-term moving average system is bearish.

According to a survey released by Rightmove, a UK online real estate agency, the UK's November home price index index fell by 3.1% on a monthly basis. Prices fell from 239,672 pounds in October to 232,144 pounds, and the November decline reached the largest monthly decline since December 2007. In London, the average asking price for housing in November fell by 1.2%.

Chris Walker, an analyst in foreign exchange trading strategy at UBS AG, said that the plunge in the pound was compounded by the sudden drop in UK house prices. A large number of dollar buyings caused the pound/dollar to fall to a one-month low.

Some analysts pointed out that the expectation that the Bank of England (BOE) will further expand the scale of easing is also the reason for the decline of the pound. From a technical point of view, GBP/USD has a strong downtrend, and the daily chart stochastic has hit oversold, but there is no sign of a rebound and it is still bearish in the short term.

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