XE Market Analysis: North America – May 24, 2019

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A rally in Sterling interrupted an otherwise directionally-limited London AM session in the forex market. The spark was the resignation announcement of Prime Minister May, who will step down on June 7th, after President Trump’s three-day state visit. Cable sprang about 0.5% higher in posting a 1.2718 high, which extending a rebound from the near five-month low seen yesterday at 1.2605. Follow-through buying tapered out and the pound subsequently settled back in the upper 1.2600s, still nursing about a 4% loss from early May levels.