British Pound Rallies as PM May Expected to Win Leadership Challenge

The  British pound today rallied higher from the  early European session as  analysts predicted that the  British Prime Minister will win the  leadership challenge from within her party. Most analysts are predicting that Theresa May will win the  no-confidence vote scheduled for  later today despite 48 Tory MPs submitting letters that triggered the  vote.
The  GBP/USD currency pair today rallied from a  low of  1.2477 in  the  early European session to  a  high of  1.2665 at  the  time of  writing.
The  pair’s rally was triggered early in  the  European session after political analysts predicted that Theresa May would win the  confidence vote triggered by  some MPs within her party (the  Conservatives). As  the  day progressed, several high ranking cabinet secretaries such as  Michael Gove, the  environment secretary, and  Philip Hammond, the  Chancellor of  the  Exchequer, all spoke in  support of  PM May. Political analysts who were tracking the  social media posts of  most Tory MPs today also discovered that the  MPs opposing May’s leadership were less than the  48 who had submitted letters.
Comments by  the  UK justice minister David Gauke that a  new leader would have to  delay the  Brexit process if Theresa May was ousted also garnered some support for  the  PM. The  release of  the  latest US CPI data by  the  Bureau of  Labor Statistics had a  muted impact on  the  cable despite the  print meeting expectations.
The  cable’s short-term performance shall be affected by  the  outcome of  the  no-confidence vote against Mrs. May later today.
The  GBP/USD currency pair was trading at  1.2642 as  at  15:46 GMT having rallied from a  low of  1.2477. The  GBP/JPY currency pair was trading at  143.14 having risen from a  low of  141.53.

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