Pound reacts positively on a Theresa May as a new Prime Minister

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Wednesday, Jul 13 2016

There were no data releases from the UK. The UK pound has continued to react positively to the coronation of Theresa May as Britain’s new Prime Minister, as she emerged as the only candidate to be the next leader of the Conservative Party on Monday, following the withdrawal from the race of her nearest challenger Andrea Leadsom.

The market’s eyes will now be on who May will select to be in her administration, it is widely thought that the current Chancellor George Osborne will be forced out of his position, and that there will be a minister responsible purely for the negotiations in leaving the European Union (EU). Observers will also keeping an eye on the balance of the new Prime Minister’s team, between those who wished to leave to EU, and the ones who voted to remain.

Sterling is currently being traded few points above 1.32 level. Pair is likely to find support around 1.31 handle and resistance above 1.33 level.

More in this category: « Job openings decreased to 5.5 million Eurozone Industrial Production fell by 1.2% »

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