Forex: GBP/USD falls back below 1.6000

FXstreet.com (Córdoba) - The British pound erased intraday gains versus the dollar to turn negative on the day as the impact of Obama's reelection faded ahead of the North American opening. Weak European data and a downbeat EU economic forecast weighed on market's sentiment and lifted the US dollar across the board.

After peaking at 1.6040, GBPUSD lost momentum and began a setback that has extended to the 1.5965 zone so far. At time of writing, GBPUSD is quoting at the 1.5975 zone, where it is 0.1% below its opening price.