GBP review

Western Union notes:

Sterling flirted with one-month highs after British inflation climbed above record weak levels and the lowest since the 1960s. As expected, consumer prices rose 0.1 percent in May from a brief stint below zero in April. The modest rise will offer a little relief to policymakers. 

Still, inflation has a long way to go to get back to central bankers' target of 2 percent. Lots more risk events ahead of the pound this week with central bank minutes due Wednesday along with unemployment data and retail sales on Thursday. 

The pound is also sure to be impacted by the Fed's decision Wednesday. Could a brush with $1.60 soon be on the cards for sterling? It would if the Fed Wed should offer little reason for traders to add to their bullish bets on the dollar.