If the prime minister is ousted by ardent Brexiteers and replaced with a hard Brexit candidate, sterling would fall to as low as $1.25. REUTERS/Kacper Pempel/Illustration
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Pound investors say the resurgent threat of Conservative party turmoil is one more reason to avoid the U.K. currency.Rabobank's head of currency strategy Jane Foley sees it as a "perennial threat" but one which could come to a head this weekend.If May manages to unite her Cabinet behind a Brexit strategy which is also palatable to the European Union, sterling could see a short-covering rally up to $1.34, according to Kenneth Broux, a strategist at Societe Generale SA.On the other hand, under a worst-case scenario in which the prime minister is ousted by ardent Brexiteers and replaced with a hard Brexit candidate, sterling would fall to as low as $1.25, Mizuho's Jones said.
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