The GBP/USD price has been stuck in a tight range even after the strong British housing numbers.
The pair was trading at 1.2470, which was a few points below last week’s high of 1.2582. It has jumped by more than 5.7% from the lowest level in March.The GBP/USD pair reacted mildly to a surprise report by Nationwide Building Society. The report showed that house prices jumped by 0.5% in March for the first time in eight months. It had dropped by 0.7% in March.
The biggest catalyst for the GBP/USD pair is the upcoming interest rate decision by the Federal Reserve that will come out during the American session. This will be an important decision because of the state of the banking sector. Therefore, there is a likelihood that the bank will change its view about the American economy and interest rates.
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