Investing.com – The pound plunged to a fresh 2-day low against the U.S. dollar on Monday, after a Bank of England report showed that U.K. mortgage lending fell more-than-expected in August, hitting its lowest level in 17 months.
GBP/USD hit 1.5593 during European morning trade, the pair's lowest since September 16; the pair subsequently consolidated at 1.5598, shedding 0.21%.
Cable was likely to find support at 1.5537, last Thursday's low and short-term resistance at 1.5728, last Friday's high.
Earlier in the day, the BoE said in a preliminary report that mortgage approvals in the U.K. fell unexpectedly to hit 45,000 in August, the lowest level since April 2009, after increasing to 47,000 in July.
Analysts had expected mortgage approvals to decline to 46,000 in August.
The pound was also down against the euro, with EUR/GBP gaining 0.61% to hit 0.8400.
Later in the day, the U.S. was to publish industry data on home sales.
GBP/USD hit 1.5593 during European morning trade, the pair's lowest since September 16; the pair subsequently consolidated at 1.5598, shedding 0.21%.
Cable was likely to find support at 1.5537, last Thursday's low and short-term resistance at 1.5728, last Friday's high.
Earlier in the day, the BoE said in a preliminary report that mortgage approvals in the U.K. fell unexpectedly to hit 45,000 in August, the lowest level since April 2009, after increasing to 47,000 in July.
Analysts had expected mortgage approvals to decline to 46,000 in August.
The pound was also down against the euro, with EUR/GBP gaining 0.61% to hit 0.8400.
Later in the day, the U.S. was to publish industry data on home sales.