The British Pound gave up its gains on the start of trading due to concerns about Brexit and the future of British Prime Minister Theresa May, after employment data hit a record high as unemployment stood at its lowest level since 1975 at 4.2%.
The GBPUSD slipped from a daily high of 1.3268 to its lowest level since Friday at 1.3145. Sterling hit its highest level since June 2016 at 1.4377 in mid-April, but has fallen more than 9% since then to an 8-month low of 1.3078 last month.
The divisions within the Conservative Party continue to undermine sterling gains with less than 9 months for Brexit day, and parliament's rejection of any deal will represents a risk on future relations and the transition period beyond March 2019.
The US dollar steadied to a fresh one-year high as investors worried about a recent dollar rally and fears the US economy will soon reach its peak. Currently, Federal Reserve Chairman Jerome Powell is giving his testimony on monetary policy, and the US dollar remains stable at 94.75.
