Britain’s Pound Rallies After Theresa May Survives Confidence Vote

The Great Britain pound gained today after Britain’s Prime Minister Theresa May survived the no-confidence vote of her party yesterday. While the currency has lost its gains versus the US dollar by now, it kept them against other major rivals.
The Prime Minister retained leadership in her Conservative party, winning with 200 votes in her favor versus 117 votes against her, and now she is immune from a new challenge for a year. With that said, it is alarming to see that more than a third of the MPs wanted May to be removed from her position. Now, the Prime Minister goes to the European Union summit to discuss the Brexit deal, though the EU leaders were pretty clear that they consider the deal non-renegotiable.
As for economic data, the Royal Institution of Chartered Surveyors reported that the house price balance slipped from -10% to -11% in November. Economists had expected the indicator to stay unchanged. The report blamed the Brexit for the decline, saying:

Continuing uncertainty created by the Brexit process is causing buyers and sellers to sit tight in increasing numbers, according to the November 2018 RICS UK Residential Market Survey.

GBP/USD traded near its opening level of 1.2626 as of 15:49 GMT today after rising to the daily high of 1.2686. GBP/JPY rallied from 143.00 to 143.46, touching the high of 143.92. EUR/GBP dropped from 0.9002 to 0.8980, and its daily low was at 0.8952.

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