- Boris Johnson calls for cabinet mutiny in an article for The Telegraph
- Reports say that Mrs May is not making any progress in the Brexit negotiations
- A Sunday Times report along with other articles published over the weekend sent shockwaves to No.10
The British pound is likely to suffer in the coming days as negative headlines come crashing down on Theresa May’s government. Writing in The Telegraph, former foreign secretary Boris Johnson said that the country will be left in “captivity” under May’s leadership as an agreement has not yet been reached.
Johnson has called for a cabinet mutiny adding that Mrs May is "on the verge of total surrender" to the European Union. Johnson also wrote that plans for a backstop are “shameful”.
Money exchange brokers in the UK have benefited from said fluctuations, according to reports, as there is a positive technical trend. However, further gains will require its value to go above 1.1510 for these gains to be confirmed. With negative headlines now reaching the general public and the market, the British pound could suffer further.
It’s not just Boris Johnson’s call for mutiny that is sending shockwaves to No.10 as the Sunday Times also published a report with the headline: “Theresa May’s Brexit deal crashes as E.U. 'turns off life support'".
Deputy Political Editor Caroline Wheeler at the Sunday times says that the current situation is “sparking fears that negotiations have broken down days before 'no-deal' preparations costing billions need to be implemented”.
Fundamentals are bearish, according to Pound Sterling Live. However, if the market views the negative headlines as a minor setback, the pound will likely have further gains in the coming weeks.
