UK Prime Minister Theresa May has just announced she will be stepping down as Conservative Party leader on June 7th, paving a way for a new PM probably in July. Former foreign minister Boris Johnson is the leading candidate to replace her, and he is gathering momentum.
GBP/USD is trading around 1.2700, extending the recovery it had enjoyed due to USD weakness.
The PM has been under immense pressure to quit after her new Brexit deal had triggered angry responses from Brexit-supporting members that were furious that an option to hold a second referendum was included there.
Beforehand, May’s Brexit deal was rejected three times by parliament.
— more to come
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