Since the middle of July the expected differential has narrowed steadily, and almost all of that narrowing has come from the British side. The mid-July low just over 0.8450 marked the point of maximum agreement that the Bank of England would stay restrictive for longer than the European Central Bank. That view has been taken apart in stages since, mostly by British data and partly by a European central bank that has quietly told the market it has more to do. One committee is loading while the other unloadsThe European Central Bank held at 2.25% on 23 July, unanimously, then used the press briefing to make a September move sound close to inevitable. What the Pound was actually paid for in JulyJuly was the best month the Pound has had in years, and it stood on three legs.