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Reuters reported the currency was trading down at 08:26 BST, selling for $1.5815, up from an earlier low of $1.5773.
Lauren Rosborough, senior currency analyst at Westpac, remarked: "Sterling's been hit by a general dollar move ahead of the Federal Open Market Committee tonight. We've also seen a rejection of the $1.60 option barrier level."
Forex trader confidence may also have been affected by weaker property performance, as demand remained static while more houses entered the market.
The Royal Institution of Chartered Surveyors revealed today (August 10th) the sales-to-stock ratio - an indicator of market slack - fell to 24 per cent in July, its lowest level since the same month last year.
And the single European currency may have benefited from sterling's slide, as it traded up 0.2 per cent at 83.30p, with Forex traders reporting stop-losses hovering around the 83.40p mark.
Posted by Clive Arneil
