The British pound was the weakest of the majors at the start of the week, as GBPUSD backed off from former trendline support at 1.6440 and GBPJPY tumbled from 153.00.
There was no economic data on hand for the UK and the currency had actually been holding up well throughout the morning as the FTSE 100 rallied 1.68 percent to the highest closing level since October 3, 2008. Once shares stopped trading, though, the British pound dove lower. Looking ahead to Tuesday, UK industrial production is anticipated to rise for a second month in July, this time at a rate of 0.2 percent. Though this would still leave the annual rate down at -10.1 percent compared to -11.1 percent, the data could be supportive for the British pound since it reflects mild improvements in the UK economy.
Related Article: British Pound Weekly Trading Forecast
View the Daily Fundamentals in its entirety for a look at what happened across the majors.
