The British Pound is aiming to advance within its range, still confined below the 1.5200 figure.


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The only piece of data coming from the UK showed that house prices during the third quarter of 2015 were 2.0% higher than in the previous quarter, but 8.6% higher compared to a year before. The continued advance in house prices is becoming worrisome for investors and the BOE, despite this latest remains mute on the matter, as fears are of a bubble mounting in the sector. With the Central Bank maintaining its rates near zero, borrowing money has become extremely cheap, and continued demand for houses has sent prices skyrocketing over the last few years.  

As for the GBP/USD pair technical picture, there has been no progress over the last 24 hours, as the 4 hours chart shows that the price continues consolidating near its recent 4-month low of 1.5106, whilst the technical readings lack directional strength, remaining flat in neutral territory. The pair has traded as high as 1.5247 this week, also the 23.6% retracement of its latest bearish run, which means only a clear break above it will lead to a steady advance up to the 1.5300 price zone. 

Below the daily low of 1.5130, the pair can retest the 1.5100 level, but it will take a break below it to confirm a continued decline, with the immediate support then at 1.5050. 

View the live chart of the GBP/USD

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