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UK PM Narrowly Holds On To Leadership But Resignations Are Still Growing

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Theresa May has narrowly avoided being served a vote of no confidence over the week. To trigger such an action, 48 resignation letters from Tory MP’s were needed.

However, Sir Graham Brady who heads up the Conservative party’s 1922 committee publicly stated that he had received letters from only 25 MP’s, while a further 17 reported that they had privately written to Sir Graham. In total, this means that with only 42 letters, the committee fell 6 resignations shot of being able to trigger a vote of no confidence and pursue a leadership change.

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May is not out of the woods yet, however, and we could still see the 48 person margin reached today in which case a secret ballot of all 315 Tory MP’s will be triggered. The outcome of this ballot could well see May lose her role as PM.

Commenting on the situation, May warned that those looking for a “perfect” exit from the EU risked leaving without any deal at all and said that those looking to challenger her leadership will only end up “delaying the negotiations” and potentially squandering the chance to get a deal done.

May Ploughs On

Despite the risks she faces, the PM is for now continuing to pursue her Brexit plan. She will address business leaders at the annual CBI conference in London today where she is expected to try and garner support from the business community which has been understandably concerned over Brexit.

Technical Perspective

GBPUSD is now sitting back down in the low end of the recent 1.27 – 1.33 range which has persisted over the last few months. For now, pressure remains on the 1.2690s level support which, if broken should pave the way for a heavier move to the downside. To the topside, the key levels are the bearish trend line from September highs with the 1.3304 structural level above it.

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