GBP/USD: Cabinet coup against May underway - Evening Standard

Yohay Elam FXStreet

The London-based Evening Standard reports that ministers are plotting to move against UK PM Theresa May. According to the report, ministers, including four cabinet members, plan to send a delegation to the embattled leader and call her to step down.

Many members of May's Conservative Party have not been satisfied by the new Brexit deal that May announced on Tuesday. She has announced that the full bill will be presented on Friday.

Tory backbenchers will convene later at 15:00 GMT and May's political future will be on the agenda. Last week, they forced her to pledge she will step down after the vote on the agreement in early June.

GBP/USD has been on the back foot and hit new four-month lows at 1.2641 earlier today on the ongoing political uncertainty.

Update: Additional reports that ministers are pressing her to quit are sending the pound further down.

Author

Yohay Elam

FXStreet

Yohay is in Forex since 2008 when he founded Forex Crunch, a blog crafted in his free time that turned into a fully-fledged currency website later sold to Finixio.

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