It’s official, May is now the Prime Minister of the UK - Forex News by FX Leaders

It’s official, May is now the Prime Minister of the UK

Posted Thursday, July 14, 2016 by
Skerdian Meta • 1 min read

Yesterday Theresa May become Prime Minister of the British Isles. She kneeled before the queen which is the ritual before officially sitting on the PM chair. After all the Brexit campaigners like Johnson, Farage and Gove refused to step up and take responsibility and fell on their bottoms one after another just like dominoes it was no surprise that Theresa May would come to power. 

But, what does it mean for the Pound and the forex in general? She was an anti Brexit campaigner so that is a plus for the Pound and other Brexit related currencies such as the Euro. That's one of the reasons the Pound has rallied in the last few days. 

But l think the forex market is getting ahead of itself because she has accepted the outcome of the referendum and she has appointed Boris Johnson as the foreign secretary. So, l reckon that this jump in GBP/USD offers a good chance to sell. I will just wait if it can push a little bit further, maybe into 1.35, which would offer a good risk/reward ratio. 

Check out our free forex signals
Follow the top economic events on FX Leaders economic calendar
Trade better, discover more Forex Trading Strategies

About the author

Skerdian Meta // Lead Analyst
Skerdian Meta Lead Analyst. Skerdian is a professional Forex trader and a market analyst. He has been actively engaged in market analysis for the past 11 years. Before becoming our head analyst, Skerdian served as a trader and market analyst in Saxo Bank's local branch, Aksioner. Skerdian specialized in experimenting with developing models and hands-on trading. Skerdian has a masters degree in finance and investment.
Related Articles
During Monday's Asian trading session, the WTI crude oil failed to stop its previous session losses and remained depressed around just above
14 hours ago
Comments
0 0 vote
Article Rating
Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments