GBP also managed to stay within range despite falling House Prices in April. House prices fell -0.6% in April, their seventh consecutive monthly fall, to be down -0.9% on a year earlier. Economic uncertainty and the global credit crisis were the blame for reduced activity in the residential property market. Mortgage Approvals are also announced with expectations of a drop to 69k.
Tech view:
POUND is expected to trade in the range of 1.9830-1.9950.With good support seen at 1.9810 and resistance is seen at 1.9970.sterling is seen on a bearish note as the stochastic and Relative strength Index are supporting the bear note and currency is also seen trading below the fast and slow moving average but only crossovers of the same would confirm the view.
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