//
According to Reuters, sterling decreased to $1.5845 as forex traders were reluctant to extend the currency's gains made last week.
A London-based trader stated: "It feels like sterling has run out of steam on the topside. Short term, the market may be a little long, so small stop-loss orders are driving the move lower."
What's more, this came after further speculation and support for the Bank of England to increase the interest rate from its current record low of 0.5 per cent.
Earlier this month, Martin Weale joined Andrew Sentance to vote for an increase in UK rates by 25 basis points.
This comes after the pound decreased by 0.3 per cent against the dollar on Friday as it was revealed the GfK NOP consumer confidence index dropped by eight points this month to 29.
Posted by Greg Secker
