David Cameron resigns as British PM in wake of Brexit vote

The uncertainty continues…

In the wake of his pro-Remain side’s loss in yesterday’s Brexit vote, British Prime Minister David Cameron held a brief press conference this morning in front of 10 Downing Street, announcing his resignation as Prime Minister.

Cameron stated that he will stay on temporarily for about three months, but that a new Prime Minister will likely be in place by the time of his Conservative Party’s October caucus.

Cameron stated that it needed to be a different Prime Minister who would negotiate the UK’s eventual break from the EU and its various institutions, in the wake of yesterday’s vote.

Surprisingly, the British Pound rallied somewhat at the time of his resignation speech, with the GBPUSD up to about 1.375 from the 1.33 range earlier this morning.

Cameron’s resignation highlights the uncertainty which financial markets are trying to sort through, as to what Brexit means for currencies, businesses, commodities, and virtually everything else in the UK and Europe.

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