As reported earlier, May appointed Dominic Raab, 44, as Brexit Secretary after David Davis resigned late on Sunday in protest over her plans to maintain close ties to the European Union after the split.

However, the appointment has hardly helped cleared up the confusion over what the sudden resignation of the old Brexit guard means for the process going forward, and specifically for May's cabinet in the near term, with some speculating that the removal of Davis means smooth sailing for a "soft Brexit" plan, and thus pound positive, while others claim that the growing chaos in May's cabinet threatens the Prime Minister's position and could result in a leadership change in the coming days.

Courtesy of ING's James Knightley and James Smith, we look at what the recent shuffle means and lay out the possible net scenarios.