The $GBPUSD price bounced back slightly after the latest UK and US inflation data. FOREX SIGNALS
It rose to a high of 1.1570, which was higher than this week’s low of 1.1482. It has dropped by almost 20% from the lowest level this year.The GBP/USD price pulled back slightly after the latest US inflation data. According to the Office of National Statistics , the country’s consumer price index dropped from 0.6% in July to 0.5% in August. This was a surprise decline since analysts were expecting inflation to rise by 0.6%.
Still, these numbers are not expected to change the tone of the Bank of England . Analysts believe that the bank will continue hiking interest rates aggressively.For one, these inflation figures have been influenced by the government’s subsidies on energy. As such, inflation will likely remain at elevated levels when the subsidies end.inflation
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