Theresa May Cries As She Announces June 7 Resignation
Tyler DURDEN
Though it’s initial reaction was muted, GBP has moved decidedly higher in recent trade (after a brief selloff following May’s announcement), putting the British currency on track to end its record two-week losing streak of uninterrupted declines.
Conventional wisdom would dictate that May’s resignation could open the door for Brexiteers to seize control of the Conservative Party and steer the UK toward a ‘no deal’ exit. So why is the pound rallying? Lars Merklin, a strategist at Danske Bank, has a theory.