The British pound is trading weaker once again, down over 1.5% intraday.
The declines erase the modest gains from late last week. As price action tests the support area of 1.1477, this level is now at risk.
A break down below this support region could see the GBPUSD falling to fresh lows.
However, watch the Stochastics on the 4-hour chart which could suggest a possible larger correction in the making.