British Pound pounds below $1.28, as pressure mounts on PM May to resign


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British Pound pounds below $1.28, as pressure mounts on PM May to resign

On Thursday, the 16th of May 2019, the British currency was heavily plummeted, after British media reports had revealed that UK PM May had agreed to resign, if her amended Brexit deal could make its way through the British House of Commons, though it seemed to be quite unlikely given opposition Labor party’s stance on a Brexit Withdrawal bill.

In fact, the British currency had rounded off the day near a four-month low at $1.2795, a level last seen on January 11th, 2019, and posted a plunge for five straight days in a row, its longest losing streak since early February Concomitantly, the Pound sterling had softened more than 1 percent this month so far, as a cross-party Brexit talk had botched to bear fruit and left PM May extremely vulnerable to a leadership challenge, who had already survived a vote of no-confidence on last December and according to the party law, another vote of no-confidence could not be yielded before a year.

Apart from that, rubbing salts into the wounds, some of PM May’s conservative lawmakers had begun to ask about the whereabouts of her departure, if a Brexit bill would have rejected for the fourth time, which might muffle Pound Sterling's momentum further.

Nevertheless, according to the British media headlines, PM May would likely to set out a timeframe for her departure earlier on June, and the prospect of PM May’s departure had been weighing Pound sterling down, as more and more investors were getting concerned that PM May’s departure may have cemented UK’s way towards a disorderly no-deal Brexit.