Investing.com - The pound dropped against the U.S. dollar on Monday, as the greenback regained some ground after declining sharply last week on the back of fresh uncertainty over the timing of a U.S. rate hike, while markets eyed upcoming U.K. data on industrial orders expectations.
GBP/USD hit 1.4839 during European morning trade, the pair's lowest since Friday; the pair subsequently consolidated at 1.4867, retreating 0.57%.
Cable was likely to find support at 1.4720, Friday's low and resistance at 1.5012, the high of March 19.
The dollar remained under pressure amid uncertainty over the path of U.S. monetary policy after the Federal Reserve downgraded its forecasts for growth and inflation and lowered its interest rate projections last week.
However, despite the past week’s reversal the greenback was likely to continue to strengthen, with the Fed still expected to raise interest rates ahead of other central banks.
The pound had found some support on Friday after data showed that U.K. public sector net borrowing rose by £6.22 billion in February, less than the expected increase of £7.70 billion. January's figure was revised to a £8.93 billion drop from a previously estimated decline of £9.41 billion.
Sterling was lower against the euro, with EUR/GBP climbing 0.62% to 0.7274.
Later in the day, the U.S. was to release a report on existing home sales.