The pound trimmed its early losses against the other major currencies in the early European session on Monday.

The pound was trading higher at 138.07 against the yen, up from a low of 137.33 hit at 5:00 pm ET.

The pound bounced off to 1.2406 against the greenback, 0.8529 against the euro and 1.2524 against the franc, from its early lows of 1.2365, 0.8553 and 1.2479, respectively.

The next possible resistance for the pound may be found around 1.27 against the greenback, 140.5 against the yen, 1.28 against the franc and 0.84 against the euro.

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