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BOE Governor Mark Carney talks in front of the Treasury Select Committee. This comes two days ahead of the rate decision, in which the Monetary Policy Committee is expected to take action either  slashing the interest rate or adding more QE.

While the tension around  politics is high and there is an interesting discussion on risks, Carney refains from saying anything on monetary policy. This keeps us waiting and does not impact markets.

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GBP/USD was trading on higher ground at 1.3150. Sterling continues enjoying the fresh political certainty. After Andrea Leadsom quit, the road has been cleared for Theresa May to become PM. This is due for tomorrow.

Earlier, the Financial Policy Committee released its meeting minutes. This  showed that the decision to loosen  capital requirements after Brexit was unanimous. It also  showed that the Bank was warned on property funds. 7 property funds  froze withdrawals and this  was quite worrying.

The current rally could be temporary due to upcoming easing from the BOE. More:  GBP/USD extends gains to 1.3080 – May it be a sell opportunity?

Here is the GBP/USD chart

GBPUSD higher July 12 2016 Theresa May