FXstreet.com (C�rdoba) - GBP/USD retreated from a 5-month high reached during the Asian session at 1.6340, and has spent most of the day rangebound between 1.6260 and 1.6330 as investors remain cautious ahead of the UK second quarter GDP figures to be published on Tuesday. At time of writing, GBP/USD is trading at the 1.6285 zone, recording a 0.28% loss on the day.

"Current narrow-range consolidation is seen preceding fresh push higher, to target levels above 1.6400 barrier", said Slobodan Drvenica, analyst at Windsor Brokers Ltd. "Corrective dips need to be contained by 20 day MA, currently at 1.6250 and trendline support/previous high at 1.6230/00 zone, to maintain immediate bulls, otherwise, deeper reversal into 1.6130/1.6060, Fib 38.2%/50% levels, would be the likely scenario".

Regarding UK's GDP, economists anticipate a 0.2% growth over the second quarter, although a lower-than-expected result could raise expectations of more monetary stimulus from the BoE, weakening the Sterling.