GBPUSD back to below 1.15: Time for a bounce?

GBPUSD hovers below the 1.15 handle after the release of UK inflation data. The latest inflation data showed that inflation slowed in August, inflation declined to 9.9% on the year from 10.1% in July, the Office for National Statistics reported on Wednesday.

The currency pair started this week’s trading session on a positive note supported by better-than-expected UK macroeconomic data. The latest UK GDP and employment report surprised the investors with positive results. While we witnessed a strong bearish move on Tuesday after the US dollar regains strong upside momentum following the release of US August inflation data. Moving ahead, the main attraction for GBP this week is the UK retail sales data which is set to be released on Friday morning.

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