The Great Britain pound tumbled against the US dollar and traded around the lowest price in four months versus the euro on reports showing a decline in the number of mortgage approvals in UK. This is indicative of a faltering economic recovery. The UK mortgage approvals declined to 47,372 in August from 48,346 in July. The sterling has been among the worst-performing currencies on the forex during the previous sessions.
GBP/USD tumbled to 1.5791 at about 11:43 GMT today after opening at 1.5800. EUR/GBP spiked to 0.8619 from the opening price of from 0.8595. The pair reached the highest rate since May 24th at 0.8630.
