Research Team at BBH, suggests that the UK's manufacturing PMI surprised on the upside as it moved back above 50, even if barely (50.1) from a revised 49.4 reading in April. 

Key Quotes

“It was initially reported at 49.2.  The median expectation was for more weakness.  This dovetails with our warning that the BOE's assessment that economic weakness seen in some high frequency data is a result of the cooling effect of the referendum may be a useful argument, but it is difficult to substantiate.  Sterling itself is flirting with the two-month uptrend we noted that is found near $1.4440.  A convincing break opens the door to $1.4330.”