GBP/USD Consolidates Gains Ahead of Key UK Economic Data

The GBP/USD exchange rate has consolidated its gains over the past day, trading within a narrow range of 15 pips since the New York open.

The current price range is between 1.3551 and 1.3566, with 1.3566 being just five pips shy of the London morning three-month peak.

This consolidation comes after a brief dip on Friday, when the GBP/USD fell to 1.3561 following unexpectedly negative U.S. retail sales data.

Looking ahead, several key UK economic data releases are scheduled for this week, starting with pay data on Tuesday at 0600 GMT and followed by inflation figures on Wednesday, which are expected to show a rise in Consumer Price Index (CPI) to 2.9% year-over-year.