May 24, 2019 at 10:15AM
Theresa May announces that she will resign on June 7th and will remain in office until a new leader is found, which is expected around mid-July.
Justin McQueen https://www.dailyfx.com/forex/market_alert/2019/05/24/Theresa-May-Announces-Resignation-GBPUSD-Jump-Pared-Immediately.html
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GBP Analysis and Talking Points
- Theresa May Announces Departure Date
- New Leader Expected by End of July
See the DailyFX Q2 FX forecast to learn what will drive the currency throughout the quarter.
Theresa May Announces Resignation
Theresa May has announced that she will resign on June 7th but will remain in office until a new Tory leader is found, which will begin the following week and is expected to be concluded by end of July.
The initial reaction saw the Pound jump above 1.2700 against the USD, before quickly retracing back to pre-announced levels. While in the following 5-minutes, the Pound is heading lower.
Most likely Next Conservative Leader, according to UK bookmakers
- Boris Johnson (6/4)
- Dominic Raab (6/1)
- David Lidington (8/1)
- Andrea Leadsom (10/1)
- Jeremy Hunt (11/1)
- Michael Gove (12/1)
- Sajid Javid (22/1)
— Written by Justin McQueen, Market Analyst
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