Investing.com - The pound was lower against the U.S. dollar on Monday, as uncertainty over Spain and Greece as well as concerns over the outlook for global growth supported demand for the safety of the dollar.
GBP/USD hit 1.6058 during European morning trade, the pair’s lowest since Thursday; the pair subsequently consolidated at 1.6070, shedding 0.21%.
Cable was likely to find support at 1.5989, the low of October 22 and resistance at 1.6096, the session high.
Investors remained cautious amid ongoing uncertainty over when Spain may request a bailout, while doubts over whether Greece can meet austerity targets also weighed.
Market sentiment was also hit by the first U.S. market-wide, unscheduled closure since September 2001 as Hurricane Sandy approached the northeastern U.S. Trade volumes were expected to remain thin during U.S. trading hours.
The pound was little changed after official data showed that U.K. bank lending rose at the fastest pace in more than four-and-a-half years in September, while mortgage approvals also came in higher than expected.
The Bank of England said total net lending to individuals rose to GBP1.7 billion in September, after a decline of GBP0.3 billion in August, the strongest rise since February 2008. Analysts had expected net lending to increase to GBP0.6 billion.
The BoE said mortgage approvals rose to 50,024 in September, up from 47,921 in August, beating analysts' forecasts for 48,000.
The pound was almost unchanged against the euro, with EUR/GBP inching down 0.01% to 0.8034.
Later Monday, Spanish Prime Minister Mariano Rajoy was to hold talks with Italian Prime Minister Mario Monti in Madrid, to discuss the crisis in the euro zone.
GBP/USD hit 1.6058 during European morning trade, the pair’s lowest since Thursday; the pair subsequently consolidated at 1.6070, shedding 0.21%.
Cable was likely to find support at 1.5989, the low of October 22 and resistance at 1.6096, the session high.
Investors remained cautious amid ongoing uncertainty over when Spain may request a bailout, while doubts over whether Greece can meet austerity targets also weighed.
Market sentiment was also hit by the first U.S. market-wide, unscheduled closure since September 2001 as Hurricane Sandy approached the northeastern U.S. Trade volumes were expected to remain thin during U.S. trading hours.
The pound was little changed after official data showed that U.K. bank lending rose at the fastest pace in more than four-and-a-half years in September, while mortgage approvals also came in higher than expected.
The Bank of England said total net lending to individuals rose to GBP1.7 billion in September, after a decline of GBP0.3 billion in August, the strongest rise since February 2008. Analysts had expected net lending to increase to GBP0.6 billion.
The BoE said mortgage approvals rose to 50,024 in September, up from 47,921 in August, beating analysts' forecasts for 48,000.
The pound was almost unchanged against the euro, with EUR/GBP inching down 0.01% to 0.8034.
Later Monday, Spanish Prime Minister Mariano Rajoy was to hold talks with Italian Prime Minister Mario Monti in Madrid, to discuss the crisis in the euro zone.