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The Pound has dipped somewhat below intra-day low at 1.6235 on the back of higher than expected UK CPI figures, although the pair has bounced back to previous levels shortly afterwards.

GBP/USD dipped from levels around 1.6270 to a fresh session low at 1.6235 after UK CPI data was released, to pick up to previous levels, around 1.6270 at the moment of writing.

UK Consumer Prices rose at a 0.3% pace in November, and at a 1.9% pace since November last year, well above, market expectations of a 0.1 monthly increase and a 1.7% jump year on year. Excluding food and energy, the Core CPI has advanced 0.2% month on month and 1.9% year on year, the largest increase in the last 12 months.