Pound Bounces as Theresa May Remains Single Candidate for PM

The Great Britain pound bounced during the American trading session as one of the contenders for the Prime Minister seat has exited the race, leaving just one candidate for the office. This reduced political uncertainty in the country that is getting ready for leaving the European Union.

Theresa May won the race for leading the United Kingdom even before the elections as her rival, Andrea Leadsom, has ended a disastrous election campaign prematurely. Now, it looks like the future leader of Britain is certain. An interesting fact is that May was against the Brexit, and now she has to lead the country during the process of parting with the EU. Still, she is willing to honor the will of the people, saying:

Brexit means Brexit, and we’re going to make a success of it.

Due to the news, the pound bounced after the initial losses, though the rebound was very limited as markets still anticipates monetary stimulus from the Bank of England later this week. Saying that, the currency demonstrated a decent rally versus the yen that was suffering from prospects of easing by Japan’s central bank.

GBP/USD traded at about 1.2968 as of 17:37 GMT after opening at 1.294 and falling to 1.2850. EUR/GBP was at 0.8523 following the open at 0.8531 and the rally to 0.8578. Meanwhile, GBP/JPY gained as much as 2.4% from 130.26 to 133.36.

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