Mubasher: UK Prime Minister Theresa May has yielded to intense pressure from her own party, and announced she was resigning from her position just after three years in office.

Premier May named 7 June as the day she would resign as Conservative leader, following a meeting with Graham Brady, the head of backbench 1922 Committee, in which she was asked to set a timetable for her departure.

The announcement came also after May unveiled a new Brexit deal, comprising 10 points, which prompted Tory backbenchers to trigger a second no-confidence vote in her government, if she refused to step aside.

By 9:29 am GMT, the GBP/USD pair rose by 0.12% to $1.2672, while the EUR/GBP pair dipped by 0.08% to GBP 0.8827.