Investing.com - The pound declined against the U.S. dollar on Monday, as it recovered from sharp losses posted the previous week, although Friday's downbeat U.S. economic reports continued to weigh.
GBP/USD hit 1.5657 during European morning trade, the pair's lowest since May 13; the pair subsequently consolidated at 1.5669, sliding 0.38%.
Cable was likely to find support at 1.5554, the low of May 12 and resistance at 1.5808, the high of May 15.
The dollar remained under pressure after data on Friday showed that U.S. industrial production fell for the fifth straight month in April and another report showed that U.S. consumer sentiment deteriorated to a seven month low this month.
The reports came after disappointing data on retail sales and producer inflation earlier in the week and dampened hopes for a second quarter rebound after a sharp slowdown in growth in the first three months of the year.
Sterling was higher against the euro, with EUR/GBP shedding 0.25% to 0.7262.