The pound declined against its major opponents in the European session on Monday, as traders await a key vote on U.K. Prime Minister Theresa May's 'plan B' withdrawal deal in the House of Commons scheduled tomorrow.

MPs will debate and vote on a series of amendments to the EU Withdrawal Act on Tuesday.

Among them, the two most important are probably Yvette Cooper's demand to enable the Commons to pass a bill permitting May to seek an article 50 extension should her deal is not passed and one from Caroline Spelman and Jack Dromey to reject no deal in principle.

With just 60 days left for U.K.'s departure from the EU, time is running out for May to break the Brexit impasse.

European shares fell as downbeat China data rekindled growth worries and caution set in ahead of key economic releases and events this week.

The Fed Reserve's monetary policy announcement is due on Wednesday, although the U.S. central bank is widely expected to leave interest rates unchanged.

The currency has been trading in a negative territory against its major rivals in the Asian session.

The pound dropped to 1.3150 against the dollar, from a high of 1.3212 hit at 5:30 pm ET. The pound is seen finding support around the 1.30 level.

Having climbed to 144.73 against the yen at 5:15 pm ET, the pound reversed direction and fell to 143.83. On the downside, 141.00 is possibly seen as the next support level for the pound.

The pound declined to 0.8680 against the euro, after rising to 0.8635 at 5:15 pm ET. The next possible support for the pound is seen around the 0.88 area.

Data from the European Central Bank showed that Eurozone lending growth maintained its momentum in December, while a measure of broad money rose at the fastest pace in six months.

The broad money aggregate M3 grew 4.1 percent year-on-year after a 3.7 percent increase in November. Economists had predicted 3.8 percent rise.

The pound fell to 1.3049 against the franc, from a 2-1/2-month high of 1.3121 touched at 5:15 pm ET. The pound is poised to target support around the 1.29 level.

In today's events, at 9:00 am ET, ECB President Mario Draghi will testify about the economy and monetary policy before the European Parliament Economic and Monetary Affairs Committee in Brussels.

At 9:30 pm ET, Bank of England governor Mark Carney along with other MPC members will participate in a question and answer session about the future of money at the Bank of England's Future Forum in London.

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