Breaking News: GBP/USD plunges below 1.2900 as UK Brexit Minister Dominic Raab resigns
|UK Brexit Minister Dominic Raab resigned from his post, dealing a significant blow to Prime Minister Theresa May's efforts to muster support for passing the Brexit deal in Parliament.
Raab tweeted:
Today, I have resigned as Brexit Secretary. I cannot in good conscience support the terms proposed for our deal with the EU.
Raab was seen as an ally to May and a critical supporter of the agreement. He reportedly supported the PM, and his resignation comes as a surprise. The chances of a no-confidence vote in the Conservative Party is growing. Raab replaced David Davis who quit over the Chequers plan back in July. Earlier, Shailesh Vara resigned. There may be further resignations later in the day.
GBP/USD took an instant dive, falling from around 1.3000 to well below 1.2900. The low so far has been 1.2848. Support is seen at the weekly low of 1.2826. The next significant cushion is only at 1.2700, a swing low that was seen a few weeks ago. resistance is seen around 1.2925, followed by 1.3000.
The UK Cabinet gathered for around five hours on Wednesday to discuss the Brexit deal. There was no official vote, but there were reports that about a third of ministers opposed the accord and that two ministers that were reduced to tears.
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