GBP review

Sterling took several steps back from recent five-month highs above $1.58 as election elation subsided and area inflation somewhat unexpectedly tipped into the red for the first time since 1960. 

Annual consumer prices were down 0.1 percent in April versus forecasts of no change or a zero reading. No imminent sign of a bottom in falling U.K. inflation suggests it may be a longer wait for an eventual interest rate hike by the Bank of England. 

More catalysts lurk for the pound in BOE minutes on Wednesday and U.K. retail sales on Thursday.