The Sunday Times reported that 40 MPs from May’s Conservative Party had agreed to sign a letter of no-confidence against her. That number was eight short of the magic figure required to trigger a party leadership contest, which could pave the way for May to be replaced by a fellow Conservative as the new Prime Minister. Investor sentiment towards Sterling was further dented after UK Brexit Minister David Davis remarked on Sunday that his country would not offer a formula or a figure for how much it believes it owes the European Union, underscoring the tardy progress in the divorce negotiations. In the meantime, the GBPUSD pair has retreated to just above 1.3100, pulling back from an eight-day peak reached on Friday after better-than-expected data pertaining to industrial output and the trade deficit.
Theresa May Grapples with Dissent
Daily Analysis - 13/11/2017