The Pound Sterling edged higher during Monday's trade in London as the UK Prime Minister makes yet another attempt to garner support for her Brexit plan. Many of the policymakers from Ms. May's own Conservative Party have battled against her ideas for the so-called divorce deal and she has been fighting an uphill battle in an attempt to reach an agreement before a formal challenge to her leadership role materializes. Analysts say that it is somewhat surprising that a no-confidence vote has not yet been called, yet that delay is providing a lift to Sterling short sellers.
As reported at 11:13 am (GMT) in London, the GBP/USD was trading higher at $1.2869, a gain of 0.32% and falling just shy of the session peak of $1.2884; the low for the session is recorded at $1.2819. The EUR/GBP is trading lower at 0.8877 Pence, down 0.24%; the pair has ranged from a trough of 0.88674 Pence to 0.89020 Pence.
No Confidence Vote Count Eyed
Theresa May is defending her proposal today at the annual conference of the CBI Business Lobby. Analysts say she regardless of the support she can obtain from business leaders, if she continues to receive letters from her Conservative Party parliamentarians which call for a no-confidence vote, her ability to push through her Brexit agenda will be limited. She has not yet met the “threshold” of receipt of 48 letters which would trigger a vote, but at least 20 Ministers of Parliament claim to have already submitted the letter to her.