December 12, 2018 / 9:27 PM / a month ago

Sterling retreats from highs after May wins no-confidence vote

A bank employee counts pound notes at Kasikornbank in Bangkok, Thailand October 12, 2010. REUTERS/Sukree Sukplang/File Photo

NEW YORK/LONDON (Reuters) - The pound pulled back from session highs late on Wednesday after Britain’s Prime Minister Theresa May survived a no-confidence vote but by a smaller margin than many in the market had expected.

May had needed 159 votes for a simple majority to win the vote and she gained 200, but 117 of her lawmakers said she was no longer the right leader to implement Britain’s exit from the European Union.

Sterling jumped as high as $1.2672 GBP=D3 as the result came in but then fell to $1.2605, up 1 percent on the day after the number of lawmakers that had voted against May was announced.

The British currency also erased some of its gains versus the euro EURGBP=D3 and was up half a percent at 90.200 pence by 2115 GMT.

Reporting by Richard Leong; Editing by Tommy Wilkes

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