British Pound: UK Retail Sales Beat Bodes Well for 2019 Consumer Spending

Pound Sterling is seeing some welcome relief ahead of the weekend with some modest gains being recorded against the Euro, Dollar and a host of other major currencies, but how the under-pressure Pound ends the week will ultimately depend on the market's reaction to Prime Minister Theresa May's exit strategy which has just been announced. 

Reports out Thursday suggest Prime Minister Theresa May will quit office on Friday May 24.

The European Union elections are underway in what promises to be one of the most important vote for the region in years; and the Euro exchange rate complex could well take note of any upsets.

Pound Sterling remains under intense selling pressure amidst developments that Prime Minister Theresa May could be out of office by as early as Sunday, as the results of the European elections are made clear.

The Pound continued to drift lower against the Euro and Dollar Wednesday after April inflation figures surprised on the downside and as markets respond to fresh political uncertainty and instability within Westminster.

The Pound is at risk of steep losses during the summer months, according to Capital Economics and MUFG, as domestic political uncertainty and market fears of a 'no deal' exit appear set to rise following Prime Minister Theresa May's latest offer to MPs. 

The British Pound remains under pressure against both the Euro and U.S. Dollar on Tuesday, May 21 amidst a growing uncertainty on the UK political outlook.

The Pound is set to rise from current levels before the year is out but not before it receives a drubbing over the summer as the political circus in Westminster leads investors and financial markets to increasingly prepare for a UK exit from the EU on World Trade Organization (WTO) terms.