Bears are dominating the risk-sensitive British pound and are likely to push GBP/USD lower below the 1.16000 level today. August has been a gruesome month for the British pound which is currently down by 4.28% against the US dollar. The relative strength index indicator is below 30, which suggests that the market is oversold. Therefore, one can expect a minor consolidation or a meager retracement in the European session. From a fundamental perspective, market participants are hoping for a 75-basis point in an interest rate hike next month which is bullish for the U.S. dollar. Therefore, the bearish trend in GBP/USD is expected to continue this week.