GBPUSD price projection. UK housing data likely lead to pound fragility. On Thursday morning, the British pound is still being bought vs the US dollar.

GBPUSD Key Points

The current pound rise may be about to fall down, according to UK home prices.

Today’s attention will be on US unemployment claims.

Impending symmetric triangle breakouts

GBPUSD Fundamental Framework

Although the most recent RICS house price balances statistics in May (refer to economic schedule under). It shows surveyors expressing a decline in prices, this is less than predicted. And the GBPUSD is still bought in the early hours on Thursday versus the US dollar. In keeping with the Halifax data from the RICS statement emphasizes the challenging monetary policy situation. The other aspects of the trade will likely be fairly calm.  But there may be some brief volatility surrounding the release of US jobless claims.

Further hikes in interest rates by the (BoE) are being supported by inflation in the UK. Which will keep the value of the British pound rising.

Given that the job market is incredibly strong and there are no signs of a downturn. The odds of the Fed adopting an even policy on interest rates have begun to dwindle. And the DXY is expected to continue to fluctuate.

Economic Activity Schedule

In 2023, the Bank of England anticipates raising interest rates by an extra 100 basis points. Which is a lot more than the majority of major central banks. This offers potential prospects for dovish revaluing. Should UK economic indicators (GDP, job market, inflation, etc.) indicate symptoms of a persistent slowdown in the economy.

The GBPUSD Technical Perspective and Price Action

A symmetrical triangle graph pattern’s summit point is being liked by the duo based on price movement. Which on the daily cable graph indicate the patterns. – The 50-day MA is now acting as barrier for the bulls of the pound. But the near-term tilt is still unclear as seen by (RSI). Which is trading in a range tilt either bullish or bearish motion.

Major Technical Levels

 Resistance levels:

• 1.2680
• 1.2584
• 1.2545
• 1.2500
• 50-day MA

Support levels:

• 1.2400
• 1.2345