“British Prime Minister Liz Truss has agreed with her Irish counterpart Micheal Martin that an opportunity remains for a negotiated outcome to issues around the Northern Ireland protocol,” Reuters quotes Irish broadcaster RTE TV during the weekend.

The news also mentioned that an Irish government spokesperson declined to comment on what was discussed at the meeting between the two in London ahead of Queen Elizabeth's state funeral.

GBP/USD consolidates recent losses

The news seemed to have joined a lackluster start to the week and the UK’s holiday to help the GBP/USD pair pare its losses around the lowest levels since 1985, bouncing off a short-term support line to 1.1420 at the latest.

Also read: GBP/USD Price Analysis: Keeps bounce off four-month-old support above 1.1400