Investing.com – The pound was hovering close to a 2-day low against the U.S. dollar on Monday, after industry data showed that U.S. builder confidence in the market for newly built homes remained at an 18-month low.
GBP/USD hit 1.5554 during European afternoon trade, the pair's lowest since September 16; the pair subsequently consolidated at 1.5573, shedding 0.37%.
Cable was likely to find support at 1.5448, last Wednesday's low and short-term resistance at 1.5728, last Friday's high.
Earlier Monday, data showed that the U.S. National Association of Home Builders/Wells Fargo Housing Market Index remained unchanged at 13 in September, staying at its lowest level since March 2009.
Analysts had expected the NAHB housing market index to rise to 14 in September. A level above 50 on the index indicates a favorable outlook on home sales, below indicates a negative outlook.
Commenting on the report, NAHB chief economist David Crowe said, "The stall in the nation's housing market continues."
The pound was also down against the euro, with EUR/GBP gaining 0.59% to hit 0.8398.
Also Monday, the Bank of England said in a preliminary report that mortgage approvals in the U.K. fell more-than-expected in August, to hit their lowest level in 16 months.
GBP/USD hit 1.5554 during European afternoon trade, the pair's lowest since September 16; the pair subsequently consolidated at 1.5573, shedding 0.37%.
Cable was likely to find support at 1.5448, last Wednesday's low and short-term resistance at 1.5728, last Friday's high.
Earlier Monday, data showed that the U.S. National Association of Home Builders/Wells Fargo Housing Market Index remained unchanged at 13 in September, staying at its lowest level since March 2009.
Analysts had expected the NAHB housing market index to rise to 14 in September. A level above 50 on the index indicates a favorable outlook on home sales, below indicates a negative outlook.
Commenting on the report, NAHB chief economist David Crowe said, "The stall in the nation's housing market continues."
The pound was also down against the euro, with EUR/GBP gaining 0.59% to hit 0.8398.
Also Monday, the Bank of England said in a preliminary report that mortgage approvals in the U.K. fell more-than-expected in August, to hit their lowest level in 16 months.