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According to Reuters, sterling decreased to $1.6232, a retreat from the $1.6264 high it managed on Friday, forex traders might be keen to note.
This comes despite speculation the Bank of England's (BoE) February meeting minutes, which are released on Wednesday, will show a third policymaker has joined Andrew Sentance and Martin Weale by voting in favour of increasing in the interest rate.
The base rate currently stands at a record low of 0.5 per cent and the BoE opted to keep it this way earlier this month.
RBC's global head of currency strategy Adam Cole added: "Sterling is a bit vulnerable given the extent to which the market has priced in another Monetary Policy Committee member voting for a hike."
This comes after the pound rose by 0.3 per cent against the euro on Friday afternoon, Bloomberg reported.
Posted by Greg Secker
