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For GBP/USD, analysts at Scotiabank explained that domestic rate expectations are firming into next week’s BoE policy decision and Quarterly Inflation Report and OIS are pricing 18bpts of BoE tightening for August 2nd.  

Key Quotes:

“There have been no fundamental releases and Brexit developments have been limited following PM’s May’s recent manoeuvers.”

“GBP technicals are suggestive of a shift in the balance of risk and momentum indicators have softened to neutral.”