Pound Sterling retreats as victory against stubborn inflation still out of sight

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• Pound Sterling attracts offers above 1.2950 and has resumed its downside journey.
• A decline in United Kingdom’s inflation has offered some relief to Bank of England policymakers.
• UK finance minister is confident of winning the battle against elevated inflation.

The Pound Sterling (GBP) has resumed its downside journey after meeting critical resistance above 1.2950. The GBP/USD pair has shifted into a bearish trajectory as investors hope that the Bank of England (BoE) won’t hike interest rates by a wide margin now since inflation has responded well to easing food prices offered by producers at factory gates.