GBP review

Western Union:

A hawkish tinge to the latest Bank of England minutes helped sterling catch a modest bounce against the otherwise stronger greenback. All nine officials voted to keep U.K. rates parked at record lows of 0.50%. 

But some officials saw potential scope for interest rates to eventually rise with unemployment running at 2008 lows of 5.5%. Still, any U.K. rate hike seems a long way off after data this week showed inflation dipped below zero to new record lows and levels last touched more than a quarter century ago. 

The next fundamental driver for the pound arrives with retail sales Thursday which are forecast to return to the growth column in April.