The pound edged higher to almost $1.27 on Friday following May’s announcement that she’ll step down in June after failing in her bid to secure Britain’s exit from the European Union.
It has gone down 2.9% this month against the US dollar and is the worst performer of the world’s 10 major currencies. It’s also been on a losing streak against the euro, and there’s little sign of the pressure easing up any time soon.
Whoever comes in to replace May will face the same problems that caused her resignation. The EU is finished discussing terms, and the current deal has very little chance of getting through British parliament.