Investing.com - The pound remained lower against the U.S. dollar on Monday, as euro zone debt concerns andworries over the outlook for global growth continued to weigh on market sentiment.
GBP/USD hit 1.6028 during U.S. morning trade, the pair's lowest since October 25; tha pair subsequently consolidated at 1.6049, shedding 0.35%.
Cable was likely to find support at 1.5998, the low of October 22 and resistance at 1.6140, the high of October 26.
Trade volumes were expected to remain light during U.S. hours on Monday, as a result of the first market-wide, unscheduled closure since September 2001 as Hurricane Sandy hit the northeastern U.S. coast.
Meanwhile, Spanish Prime Minister Mariano Rajoy criticized the idea of a new European Union Commissioner with powers over the national budgets of euro zone countries earlier, saying it could be counterproductive.
Speaking following talks with Italy’s prime minister, Mr. Rajoy said he could ask for an bailout "if we think it is in the interest of Spaniards".
Market sentiment was also weighed by concerns over the global economic outlook, despite Friday’s better-than-expected U.S. data on economic growth, as weak third quarter corporate earnings results fuelled fears over a slowdown in demand.
In the U.K., official data earlier showed that 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.
Elsewhere, sterling was fractionally lower against the euro with EUR/GBP easing up 0.09%, to hit 0.8043.
The U.S. dollar was little changed after official data showed that the U.S. core personal consumption expenditure index ticked up 0.1% in September, matching expectations, while personal spending rose 0.8%, beating forecasts for a 0.6% increase.
GBP/USD hit 1.6028 during U.S. morning trade, the pair's lowest since October 25; tha pair subsequently consolidated at 1.6049, shedding 0.35%.
Cable was likely to find support at 1.5998, the low of October 22 and resistance at 1.6140, the high of October 26.
Trade volumes were expected to remain light during U.S. hours on Monday, as a result of the first market-wide, unscheduled closure since September 2001 as Hurricane Sandy hit the northeastern U.S. coast.
Meanwhile, Spanish Prime Minister Mariano Rajoy criticized the idea of a new European Union Commissioner with powers over the national budgets of euro zone countries earlier, saying it could be counterproductive.
Speaking following talks with Italy’s prime minister, Mr. Rajoy said he could ask for an bailout "if we think it is in the interest of Spaniards".
Market sentiment was also weighed by concerns over the global economic outlook, despite Friday’s better-than-expected U.S. data on economic growth, as weak third quarter corporate earnings results fuelled fears over a slowdown in demand.
In the U.K., official data earlier showed that 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.
Elsewhere, sterling was fractionally lower against the euro with EUR/GBP easing up 0.09%, to hit 0.8043.
The U.S. dollar was little changed after official data showed that the U.S. core personal consumption expenditure index ticked up 0.1% in September, matching expectations, while personal spending rose 0.8%, beating forecasts for a 0.6% increase.