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According to the latest headlines floating on the wires, citing a senior official, the UK government threatened to call an election between November 1-5 if MPs pass a no-confidence vote next week.

The official further added that we won’t resign nor recommend another government, rather dissolve the parliament and there’ll be zero chance of Grieve legislation.

Meanwhile, the GBP/USD pair maintained its heavily offered tone and now seems to have entered a bearish consolidation phase, oscillating in a narrow trading band around the 1.2200 handle.