The failure of GBP/USD to sustain its move through 1.5750, not to mention to take out the June 20 high, keeps the consolidation theme active. The key level to watch on the downside now is the 1.5665 mark where the retracement from Thursday's high bottomed out. If that is broken it could be a very quick ride back down to the highs near 1.5550 from Tuesday and Wednesday, which should now be support.

The UK calendar features consumer credit, mortgage, and money supply figures, plus CBI trades data to get the new week off an running.