The British pound extended its retreat below the 1.1500 level on Monday morning as bears managed to hold on to the GBP/USD pair inside the bearish channel. The pair breached major support levels in the past week and posted nearly a 2% loss amid the investor’s lower confidence in the UK economy. This risk-sensitive currency continues to lose ground against the U.S. dollar as investors prepare for another interest rate hike from Federal Reserve. The dollar index, which tracks the green bag against major currencies, is up by some 0.33% at the time of reporting.
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