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"Expectation from members that [property] transactions could increase by up to 5 percent over the next year on the back of this measure suggests that there is a belief that supply will indeed respond to the tax change."
- RICS (based on CNBC)
Pair's Outlook
The GBP/USD cross has left the boundaries of a long-term downtrend; however, it is trading just slightly above it and there is a rather big possibility of the pair returning in the trading range. To continue appreciating and to leave the trend behind the Sterling has to breach the monthly PP that is located at 1.5755, which will not be an easy task.
Traders' Sentiment
The SWFX traders are getting less convinced that the Pound is going to gain relative to the U.S. Dollar; but overall the bulls are still in a slight majority, as they take up 52% of the market, and this is a advantage over the bears (48%). In the meantime, the share of sell orders rose to 78%.
© Dukascopy Bank SA