Forex-GBP/USD-First support seen around 1.6; key US data awaited

The GBP/USD 4-hour chart pattern suggests further weakness in the pair with the immediate support seen around 1.600, where the Bollinger lower band meets trend-line connecting bottoms from mid-May lows near 1.42. Second support is seen near 1.58, the 23.6 percent Fibonacci retracement from mid-May levels.

The sterling could fundamentally also weaken due to a weak house price data and amid broad strengthening of the US dollar.

The UK housing market saw November sellers cut their asking prices by 3.percent, Rightmove reported on Monday. The biggest monthly drop since December 2007 followed a mysterious rise in asking prices of 3.1 percent in October.

One British pound was worth 1.6066 US dollars around 12:30 GMT. Data awaited from the US on Monday are October retail sales which analysts see rising by 0.8 percent on month, up from previous month's 0.6 percent.

September business inventories and November empire state survey are also expected to impact the currency market but not as important as the retail sales. Key speakers on the day include Richmond Fed president Lacker and top Treasury official Brainard.