British pound came off earlier session highs against the US dollar to record a session low, after a report by British Bankers Association (BBA) showed less than expected loans for house purchase.
GBP/USD took a drop from 1.5381, the session high, to a session low at 1.5339, recorded at 9:15 GMT, to trade at 1.5346 at 9:25 GMT, dipping 0.10% for the day. Support was expected at July 22nd low, 1.5256, while resistance was to be encountered at June 26th high, 1.5439.
The greenback retreated to almost one-month lows against the pound on trading Monday, following an official report to show Existing Home Sales in the United States registered an unexpected drop in June. Sales decreased by 1.2% to a seasonally adjusted annual level of 5.08 million units during June, which was the second highest level since November 2009. In May the sales figure was revised down to 5.14 million units from 5.18 million units previously.
Meanwhile, the British Bankers Association (BBA) said that the number of loans for house purchase increased in June to 37 278, but did not match expectations of 38 300 loans, while in May the number of loans was revised up to 36 290 from 36 102 previously.
Summer holidays influenced trading session and volumes remained light.
Elsewhere, the sterling was steady against the euro, with EUR/GBP cross ticking up only 0.01% to 0.8587 at 9:44 GMT.
TradingPedia.com is a financial media specialized in providing daily news and education covering Forex, equities and commodities. Our academies for traders cover 
