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Investors stayed away from high-risk currencies due to worries about the global economic outlook, Reuters reports.
During mid-morning, sterling was under 0.3 percent at $1.5414, below its 200-day moving average and hovering close to a five-week low of $1.5373.
And Adam Cole, global head of currency strategy at RBC Capital Markets, concluded that the numbers were actually better than expected.
But he added: "There is not much conviction in any sterling rallies at the moment."
The bad news for sterling continued as it fell against the euro with the latter increasing by its strongest amount in 11 days - up 0.6 per cent, hitting a high of 82.37 pence.
This is in contrast to last week (August 27th) when Forex traders saw the sterling remain largely static with the pound struggling to stay above €1.22.
Posted by Greg Secker
