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Reuters reports that the European currency was down by 0.1 per cent to 81.63p at 12:07 BST. It earlier fell as low as 81.43p, its weakest since June 30th, after traders said stop-loss orders were triggered below 81.6p.
Speaking to Reuters, Ian Stannard, currency strategist at BNP Paribas, said: "Euro against sterling went through some key levels and a move towards the 81p area looks likely, with the euro staying under pressure and broadly underperforming."
The euro remained weak, as it was last Friday, following comments from European Central Bank (ECB) governing council member Axel Weber that the ECB should increase its loose monetary stance.
Sterling has performed well since the release of Bank of England Monetary Policy Committee minutes, which revealed policymakers were firmly against increasing quantitative easing measures.
Posted by Clive Arneil
