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Forex News: Pound Falls On U.K. Political Tensions

Pound Falls On U.K. Political Tensions

04/22/2019 - 11:14:00 (RTTNews)

(RTTNews) - The pound came under pressure against its major counterparts in the New York session on Monday, amid media reports that U.K. Prime Minister Theresa May is likely to face no-confidence challenge over her handling of Brexit.

The Conservatives have called for an extraordinary general meeting with an aim to overthrow May by the end of June, media reports said.

The meeting and another no-confidence vote could be held within 28 days.

As per party rules, lawmakers cannot challenge May's leadership again until a year has passed, but lawmaker Graham Brady may demand her to quit, or opt to change the relevant party rules.

The currency has been trading lower against its major counterparts in the European session.

The pound declined to a 5-day low of 0.8670 against the euro, from a high of 0.8643 hit at 5:00 pm ET. The pound is seen finding support around the 0.88 level.

The pound hovered at 145.24 against the yen, a 10-day low. This follows a high of 145.51 touched at 11:00 pm ET. Next likely support for the pound is seen around the 142.00 level.

The U.K. currency reversed from an early high of 1.3000 against the greenback, falling to 1.2978. The pound is poised to find support around the 1.28 level.

Data from the National Association of Realtors showed a significant pullback in U.S. existing home sales in the month of March.

NAR said existing home sales plunged by 4.9 percent to an annual rate of 5.21 million in March after soaring by 11.2 percent to a revised rate of 5.48 million in February.

On the flip side, the pound recovered to 1.3189 against the franc, from a 4-day low of 1.3161 touched at 5:00 pm ET. If the pound rises further, 1.325 is seen as its next resistance level.

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