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Analysts at Scotiabank noted that GBP is quiet.

Key Quotes:

“GBP/USD is consolidating within a remarkably tight range just above Friday’s fresh 2018 low.”

“Local markets are closed for the May Bank holiday and this week’s release calendar is limited to second tier-data ahead of the manufacturing PMI scheduled for Friday.”

“BoE rate expectations are firming and pricing a roughly 50% chance of a 25bpt hike for August.”