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Jessica Elgot, the chief political correspondent for the Guardian, claimed that there were  strong rumours in Westminister about the possibility of an election being called this week.

“Very strong rumours in Westminster today that election could be called this week – with verbal commitment of polling day pre-Oct 31,” Elgot tweeted out.

In the meantime, the GBP/USD pair continues to trade in the lower half of its daily range below the 1.21 handle, losing more than 0.5% on a daily basis.