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Theresa May Announces Resignation, GBPUSD Heading Lower

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.

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From:
Justin McQueen https://www.dailyfx.com/forex/market_alert/2019/05/24/Theresa-May-Announces-Resignation-GBPUSD-Jump-Pared-Immediately.html
Selected by fonecable.com

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.

MARKET REACTION

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)

GBP Bears Beware: Boris as UK Prime Minister Might be Good for Sterling

— Written by Justin McQueen, Market Analyst

To contact Justin, email him at Justin.mcqueen@ig.com

Follow Justin on Twitter @JMcQueenFX

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