Theresa May Cries As She Announces June 7 Resignation

Theresa May Cries As She Announces June 7 Resignation from ZeroHedge

TDC Note – I’m crying also – tears of joy!!! hahahaha

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Update: 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.

May

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.

The pound’s advance after Prime Minister Theresa May said she would be stepping down shows that her resignation does not necessarily mean a no-deal Brexit, according to Lars Merklin, a strategist at Danske Bank.

“We view the GBP move as being in line with our expectation: this is not a straight road to a no-deal Brexit,” Merklin says. “The market pricing in past weeks have slipped towards that direction.”

“We see the risk in favor of a stronger GBP.”

The lack of a further sell-off or trend break is in itself a signal that markets are not adding to the odds of no-deal, which makes sense, he says.

Then again, the Telegraph is reporting that the EU is preparing for a scenario where Johnson or Raab tries to change the Brexit deal, fails, then calls for an election. A general election would, we imagine, be GBP positive since it would raise the likelihood that Brexit is stymied.

Meanwhile, for any traders wondering what’s next for Brexit, here’s a helpful flow chart.

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Rory Hall, The Daily Coin. Beginning in 1987 Rory has written over 1,000 articles and produced more than 300 videos on topics ranging from the precious metals market, economic and monetary policies, preparedness as well as geopolitical events. His articles have been published by Zerohedge, SHTFPlan, Sprott Money, GoldSilver, Silver Doctors, SGTReport, and a great many more. Rory was a producer and daily contributor at SGTReport between 2012 and 2014. He has interviewed experts such as Dr. Paul Craig Roberts, Dr. Marc Faber, Eric Sprott, Gerald Celente and Peter Schiff, to name but a few. Don't forget to visit The Daily Coin and Shadow of Truth YouTube channels to enjoy original videos and some of the best economic, precious metals, geopolitical and preparedness news from around the world.