Sterling (GBP) Slammed Lower on No Confidence Vote Rumour
Sterling, Brexit and No Confidence Vote
- Talk that ‘No Confidence’ vote triggered by UK law makers.
- UK PM May under pressure to resign.
UK PM May at Risk as ‘No Confidence’ Vote Said to Have Been Triggered
According to one tv channel, 48 letters calling for a vote of ‘No Confidence’ in UK PM May have been handed in to Sir Graham Brady the chair of the influential 1922 Conservative Committee. Rumor all day had swirled that numbers were near the triggering point with Conservative MPs upset with the PM’s Brexit negotiations with the EU.
While no formal announcement has yet to be made and the latest story may still only be rumour, Sterling slumped quickly to a new 18-month low before bouncing back to trade around 1.2540 against the US dollar after having traded at a high of 1.2640 earlier in the session.
GBPUSD Five-Minute Price Chart (December 11, 2018)
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