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GBP/USD traders await MPC vote
Having taken over three years for the monthly MPC votes to change from 9-0 to last month’s 7-2, it will be interesting to see if the two members who voted for change are resilient in their thinking. The UK’s economic data releases have been less impressive over the last couple of months, falling off the pace set by the US. Also clouding the issue is the current Scottish referendum; if it comes in as a ‘Yes’ we could well see the last vote become irrelevant.
The short-term emphasis on GBP/USD remains negative, and with less than 24 hours until voting in Scotland starts volatility could be high as uncertainty over the makeup of sterling remains unclear.