Investing.com - The pound edged lower against the dollar in quiet trade on Monday after data showed that mortgage approvals in the U.K. declined unexpectedly in October but remained close to the previous month’s four-year high.
GBP/USD slipped 0.14% to 1.6200, down from 1.6225 on Friday.
Cable is likely to find support at 1.6150 and resistance at 1.6255, the high of October 23.
The British Banker\\\'s Association said that the number of new mortgages approved in October fell to 42,800 from September’s revised total of 43,200, which was the highest since December 2009.
Analysts had expected the number of new mortgages approved to rise to 45,200 last month.
The dollar continued to remain supported by the view that the Federal Reserve could start scaling back its stimulus program at one of its next few meetings.
Elsewhere, the euro edged lower against the pound, with EUR/GBP dipping 0.07% to 0.8350.
The euro slipped after Bloomberg reported that European Central Bank Governing Council member Ardo Hansson said the bank is ready to make further cuts to interest rates and is “technically ready” for negative deposit rates.
“The options on rate cuts are still not fully exhausted and there are all kinds of other measures that are still on the table,” Hansson said.
The comments came amid concerns over mounting deflationary pressures in the euro area after data showed that the annual rate of inflation in the region fell to a four year low of 0.7% in October.
The slowdown in inflation prompted the ECB to cut rates to a record low 0.25% at its November policy meeting.
GBP/USD slipped 0.14% to 1.6200, down from 1.6225 on Friday.
Cable is likely to find support at 1.6150 and resistance at 1.6255, the high of October 23.
The British Banker\\\'s Association said that the number of new mortgages approved in October fell to 42,800 from September’s revised total of 43,200, which was the highest since December 2009.
Analysts had expected the number of new mortgages approved to rise to 45,200 last month.
The dollar continued to remain supported by the view that the Federal Reserve could start scaling back its stimulus program at one of its next few meetings.
Elsewhere, the euro edged lower against the pound, with EUR/GBP dipping 0.07% to 0.8350.
The euro slipped after Bloomberg reported that European Central Bank Governing Council member Ardo Hansson said the bank is ready to make further cuts to interest rates and is “technically ready” for negative deposit rates.
“The options on rate cuts are still not fully exhausted and there are all kinds of other measures that are still on the table,” Hansson said.
The comments came amid concerns over mounting deflationary pressures in the euro area after data showed that the annual rate of inflation in the region fell to a four year low of 0.7% in October.
The slowdown in inflation prompted the ECB to cut rates to a record low 0.25% at its November policy meeting.