GBP/USD: MPC ready to act and has all the tools - FXStreet

Valeria Bednarik, chief analyst at FXStreet explained that the GBP/USD pair consolidated in a tight range in this first day of the week, adding some modest 40 pips daily basis.

Key Quotes:

"The Pound advanced up to 1.3164 against its American rival early Europe, but quickly retraced to the current level, holding nearby for the rest of the day. In the news front, Chancellor Philip Hammond reaffirmed that the MPC is ready to use "the monetary tolls at their disposal" during the weekend's G20 meeting, further signaling the UK's intention of loosening monetary policy in the nearest term."

"The CBI industrial trends survey for July saw total orders fall from -2 to -4, which was better than the -6 expected by consensus, in line with latest decline in local manufacturing confidence."