The GBP/USD pair regained positive traction on the first day of a new trading week and retested multi-year tops, around the 1.3755-60 region during the early European session. Diminishing odds for a Bank of England (BoE) rate cut was seen as a key factor that benefitted the GBP while the UK Manufacturing PMI was finalized at 54.1 for January and remained supportive. The single currency starts the week on the defensive vs. the greenback following two consecutive sessions with gains as the EUR/USD pair extends the rangebound trading above 1.2100.The dollar edged higher in early European trading Monday, with traders starting a fresh week in a cautious vein given last week’s turmoil in the equity markets. The dollar index was up 0.1% at 90.575. USD/JPY rose 0.1% at 104.72 while the risk-sensitive AUD/USD rose 0.2% at 0.7659.