Theresa May Set to Announce Timetable to Quit as Tory Leader
May intends to quit as Tory leader on June 10 so an election to choose her replacement can begin after President Donald Trump’s state visit to Britain, one of the people said. She wants to remain as a caretaker prime minister while her successor is chosen in a contest that could take six weeks.
GBP/USD further advances towards 1.2700 as the USD loses ground across the board. UK PM May is due to set out a departure date today. UK retail sales are eyed on 11:30 today.
From the technical side:
The technical picture remains tilted in favor of bearish traders and any subsequent recovery seems more likely to confront stiff resistance near the 1.2700-1.2710 region.
Long position on market price with 1.2750 & 1.2790 as targets
Short position below 1.2650 with 1.2600 as target
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