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