British Prime Minister Teresa May may face a new challenge after Sunday Times published that 40 members of Parliament have agreed to sign a letter of no confidence in her. Currently, May's official opponents are eight MPs who do not have enough support to challenge her in early elections. The news comes in a very difficult time for the British Prime Minister, as she is still struggling with the resignation of two cabinet ministers. On the other hand, the EU calls for faster action by Britain on Brexit.
The news has negatively affected the pound, with the dollar declining by -0.55% against the dollar since the start of trading. The unknowns around the UK continue to grow and for this reason we remain a bearish bear against GBP. Power in the UK remains very fragile, and any such scandal or curse reflects strongly on the pound. We remain on hold, and any GBP upward adjustment will be used to add to short positions.
Source: Bloomberg Pro Terminal
Jr Trader Petar Milanov
Bloomberg: U.K.'s May Pressured as Times Says 40 MPs Signal No Confidence
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