Valeria Bednarik, chief analyst at FXStreet explained that The GBP/USD pair returned below a major Fibonacci level, the 61.8% retracement of this year's decline, on the back of dollar's strength, having failed to rally beyond it for two straight days. Key Quotes: "Fears of a Brexit are still a factor of longer-term pressure for the local currency, but this retracement at the beginning of the week, may well be blamed to profit taking ahead of key macroeconomic releases in the UK this Tuesday, including inflation figures for last February. The market is expecting to see a rise in the headline CPI from 0.3% to 0.4% while the core reading is projected to hold steady at 1.2%. Producer input prices are expected to post a limited bounce also, but to remain mostly within negative territory. Better-than-expected figures may help the Sterling, but at this point, a steady advance beyond 1.4500 is required to confirm a continued advance." For more information, read our latest forex news.