Sterling falls broadly

Sterling fell broadly on Monday, hitting a five-month low versus the euro and a two-month low against the dollar due to a pullback in expectations on how soon interest rates may rise given a still fragile economy. The pound fell as low as $1.5937, its weakest since early February. Having pierced $1.60, analysts said it was vulnerable to a drop towards $1.5750, an area fortified by technical support.
The euro rose as high as 88.20 pence, a level last seen in late October, as traders cited demand from real money accounts. The single currency was on course to its next target level of 89.41 pence, a peak hit that month. Sterling's falls have come as weak UK data raised concerns that poor economic growth could push back the timing of interest rate rises from the Bank of England.
In late London trade, sterling was down 0.1 percent at $1.6020, recovering some losses as the UK currency was tracked a recovery in the euro versus the dollar. Still, its near-term recovery lost steam at $1.6029, ahead of options with a strike price of $1.6030 which expired at 1500 GMT. The euro was up 0.3 percent at 88.10 pence, after a rise beyond 88.20.