The Great Britain pound reached today its highest level against the U.S. dollar since May 13th, before falling, as the number of mortgage approvals was higher than forecasted.

The Bank of England reported that 51,000 new mortgages were approved for home purchases during the previous month, compared with median estimate of 49,000. Some economists say, though, that the sterling’s rebound was short-lived as the budget cuts would damp the economic growth.

GBP/USD traded at 1.4803 as of 12:22 GMT today after opening at 1.4824 and reaching 1.4885, the highest level in more than a month.

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