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British Pound Rallies as PM May Expected to Win Leadership Challenge

December 12, 2018 at 15:57 by Simon Mugo

£10The British pound today rallied higher from the early European session as analysts predicted that the British Prime Minister will win the leadership challenge from within her party. Most analysts are predicting that Theresa May will win the no-confidence vote scheduled for later today despite 48 Tory MPs submitting letters that triggered the vote.

The GBP/USD currency pair today rallied from a low of 1.2477 in the early European session to a high of 1.2665 at the time of writing.

The pair’s rally was triggered early in the European session after political analysts predicted that Theresa May would win the confidence vote triggered by some MPs within her party (the Conservatives). As the day progressed, several high ranking cabinet secretaries such as Michael Gove, the environment secretary, and Philip Hammond, the Chancellor of the Exchequer, all spoke in support of PM May. Political analysts who were tracking the social media posts of most Tory MPs today also discovered that the MPs opposing May’s leadership were less than the 48 who had submitted letters.

Comments by the UK justice minister David Gauke that a new leader would have to delay the Brexit process if Theresa May was ousted also garnered some support for the PM. The release of the latest US CPI data by the Bureau of Labor Statistics had a muted impact on the cable despite the print meeting expectations.

The cable’s short-term performance shall be affected by the outcome of the no-confidence vote against Mrs. May later today.

The GBP/USD currency pair was trading at 1.2642 as at 15:46 GMT having rallied from a low of 1.2477. The GBP/JPY currency pair was trading at 143.14 having risen from a low of 141.53.

If you have any questions, comments, or opinions regarding the Great Britain Pound, feel free to post them using the commentary form below.

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