And the pound sinks
- Says that he cannot support indefinite backstop arrangement as the main reason
A bolt out of the blue there as May loses one of her key confidants in the Brexit saga. Do be reminded that Raab was appointed to replace David Davis who resigned earlier in the year as well.
That certainly sends a message as to May and how the meaningful vote in parliament is shaping up to be. GBP/USD was brought lower to 1.2868 from 1.2950 levels earlier but is now back up to 1.2890. Let's see if it can hold a break below 1.2900. That will be key.
Here's the full resignation letter:
