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Reuters reports sterling was down against the dollar as experts stated the climbs of recent days may have been too large.
At 08:55 BST, sterling was down 0.2 per cent to $1.5034, while the currency stayed close to an 18-month high against the euro, but failed to find the traction needed to break it.
Global head of currency for RBC was quoted by the news agency as saying there is "concern that the market reaction to the Budget was more optimistic than it should have been".
He added the relationship between sterling and the euro "seems to have lost momentum".
The pound rallied last week after traders welcomed the austerity measures outlined by chancellor George Osborne in his first Budget, which included raising VAT and introducing new levies for banks.
Posted by Clive Arniel
