GBP/USD retreats from intraday high as buyers struggle to extend a five-day uptrend around a five-week top marked the previous day. That said, the Cable pair eases to 1.2260 by the press time.

In doing so, the quote fails to cheer the US Dollar weakness amid downbeat signals from the options market.

The US Dollar Index (DXY) drops to the fresh low in a month as bears approach the 105.00 mark at the latest.

On the other hand, one-month risk reversal (RR) of the GBP/USD prices, a spread between the call options and put options, dropped for the third consecutive day to -0.030 at the latest by the end of Monday’s North American session, per Reuters data.

In doing so, the options market gauge snapped a four-week uptrend ahead of the key Bank of England (BOE) monetary policy meeting.

Also read: GBP/USD Price Analysis: Bulls eye a break of key daily structure