GBP/USD has been sold out more than 100 for a minets, after Dominic Raab has resigned as UK Brexit secertary.
“Today, I have resigned as Brexit Secretary,” Raab said on Twitter. “I cannot in good conscience support the terms proposed for our deal.”
His departure is the big one that May desperately wanted to avoid. She and her Brexit deal could have survived the loss of other less senior figures like Pensions Secretary Esther McVey and Cabinet minister Andrea Leadsom, who are both also said to be weighing their options. But May’s own future -- and that of her Brexit plan -- are now far less certain.
Will there be more resignations to follow? Has May's position as prime minister been compromised? What happens now when the meaningful vote gets rejected? Disorderly Brexit? Second referendum? General election? All those outcomes are terrible for the pound and the BOE.
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