Breaking: GBP/USD shoots higher to 1.2882 as Prime Minister May wins no confidence vote
Following yesterday's humiliating defeat where PM May lost the 'meaningful vote' on her Brexit plan by a record margin of 432 to 202, the opposition party, Labour, and its leader, Jeremy Corbyn, tabled a vote of no confidence in the government which results have just come in.
Markets had expected May to win considering the DUP and hardline Brexiteers had guaranteed their backing and indeed she has won with 325 votes
GBP/USD was at 1.2850 ahead of the results and is currently trading at 1.2882 on the result.
PM May said she will now open up Brexit negotiations to a cross-party approach which is why the pound is supported, on expectations that resolve will be found in time for the Brexit date. However, she will only have until the end of next Monday to put forward a 'plan B' on Brexit.
- UK Parliament: Motion of no confidence - live stream - Jan. 16