UK Prime Minister Theresa May has been hanging on the edge since she took power more than two years ago and she has been getting close to the edge as we approach the final stages of Brexit. We have heard rumours many times that she will face a vote of no-confidence in the British Parliament, but those rumours have dissipated and she has carried on with her Brexit plan.

Not today though; her own party has now called for a leadership contest and the threshold of 15% Tory MPs have been reached to call a leadership vote. She doesn’t have a good record with snap elections because she lost the Conservative majority in the UK Parliament when she called snap elections in Britain.

The Conservative lawmakers are now starting to line themselves up behind her to keep Theresa May in power and avoid another snap election which would probably be disastrous for the Tories. If she loses the leadership vote, then she will have to give up the position of Prime Minister.

Among the supporters for May are some of the old establishments in the Conservative Party such as Liam Fox, David Mundell, David Gauke, Hammond, Hunt, who else? So, the Tory leadership vote is coming up and will take place this afternoon.

If she loses, the GBP is likely to crash lower, but GBP/USD has jumped around 50 pips earlier this morning as the support for May started growing among the Tory lawmakers.