Sterling tumbles

GBPUSD fell 0.89% on Monday, helping to boost the $ to a 16 mth high, amid mounting doubts over whether Prime Minister Theresa May can come up with a Brexit deal that would win the backing of the European Union and her own party.

GBPUSD HOURLY

European shares were set to open higher, however, ignoring a broad flight from riskier assets seen in Asia, where equity markets wobbled on concerns about slowing global economic growth, particularly in China.

Facing resistance in her cabinet, May was forced to abandon plans for an emergency cabinet meeting on Monday to approve a Brexit deal, the Independent reported.

Sterling fell three-quarters of a percent to $1.2877, with Brexit pessimism spreading to the euro, on growing investor worries over whether an orderly deal to leave the European Union would be achieved.