May in no hurry to push article 50 - FXStreet

Valeria Bednarik, chief analyst at FXStreet noted the pounds decline after Theresa May being officially named as the UK Prime Minister this Wednesday, after Cameron finally resigned.

Key Quotes:

"May is no rush to trigger the article 50, but she said that she will honor the referendum's result. Attention now shifts to the upcoming BOE's meeting this Thursday, as the Central Bank is expected to cut its benchmark interest rate to a new record low of 0.25%, after maintaining them at 0.5% since March 2009. Also, Governor Carney is expected to anticipate further easing for the August meeting, after reviewing growth and inflation forecasts. The pair trades a few pips above its daily low, with a strong bearish tone in the short term."