Investing.com – The pound edged lower against the U.S. dollar on Monday, hitting a fresh daily low ahead of a preliminary report by the Bank of England on mortgage approvals.
GBP/USD hit 1.5631 during European morning trade, a fresh daily low; the pair subsequently consolidated at 1.5644, shedding 0.38%.
Cable was likely to find support at 1.5537, last Thursday's low and short-term resistance at 1.5728, last Friday's high.
Late Sunday, the BoE said in it's quarterly bulletin that the pound's recent 3-month rally against the dollar may reflect improved investor confidence in the outlook for the U.K. public finances.
The report said, “Sterling appears to have appreciated by more than would be suggested by interest-rate differentials." The report added that the risk of investing in assets may have improved “because of reduced uncertainty about the U.K. fiscal outlook.”
The pound was also down against the euro, with EUR/GBP gaining 0.39% to hit 0.8381.
Later in the day, the U.S. was to publish industry data on home sales.
GBP/USD hit 1.5631 during European morning trade, a fresh daily low; the pair subsequently consolidated at 1.5644, shedding 0.38%.
Cable was likely to find support at 1.5537, last Thursday's low and short-term resistance at 1.5728, last Friday's high.
Late Sunday, the BoE said in it's quarterly bulletin that the pound's recent 3-month rally against the dollar may reflect improved investor confidence in the outlook for the U.K. public finances.
The report said, “Sterling appears to have appreciated by more than would be suggested by interest-rate differentials." The report added that the risk of investing in assets may have improved “because of reduced uncertainty about the U.K. fiscal outlook.”
The pound was also down against the euro, with EUR/GBP gaining 0.39% to hit 0.8381.
Later in the day, the U.S. was to publish industry data on home sales.