Sterling starts lower amid ongoing negative pressure

Sterling fell on Monday amid ongoing negative pressure on the royal currency as the dollar rose amid expectations of higher U.S. interest rates. 

GBP/USD last traded at 1.2201, down from the opening of 1.2217, with a session-high at 1.2244, and a low at 1.2186. 

Sterling's drop comes amid rising negative pressure on the royal currency as the Bank of England hold policy steady and interest rates at record lows, while the Federal Reserve nears a rate hike before the year end. 

The pound failed to rise recently after some BoE officials pointed to the economic benefits of the weak pound, which offset the damage of Britain's exit from the EU. 

The dollar index, gauging the greenback's performance versus an array of six major currencies, rose to 98.77 from the opening of 98.68, with an intraday low at 98.55, and an eight-month high at 98.85, after registering four weekly gains in a row.