Robust US employment data released last Friday has laid the foundations for a strong session for the dollar.
The GBP/USD pair is trading at US$1.11, with a bearish advantage seen on the four-hour candlestick chart, while USD also remains above parity against the Euro at US$0.97.
The dollar remains strong against the pound – Source: capital.com
With the US on holiday for Colombus Day, investors will be taking the time to weigh up the likelihood of a more hawkish stance from the Federal Reserve, although no meeting is set to take place this month.
Only the Canadian dollar has shown any uptick against USD, partially due to a strong rally in oil prices.
The GBP/EUR pair remains neutral at 88p, having barely budged more than a few pips since this time last week.
There is little on the UK financial calendar today, though a potential second policy u-turn from the Truss cabinet, this time in regards to benefits cuts, could cause further volatility for an already struggling pound.
The Euro has dropped 0.13% against the Japanese yen, while the Australian dollar is down half a percent against each the yen, US dollar, Canadian dollar and Swiss franc.