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And the last two remaining candidates left in the Conservative leadership race are ...

2019-06-21 01:10

  • The fifth and final ballot results of the race for Conservative leadership sees Michael Gove eliminated.

  • The fifth ballot results see Boris Johnson leading and Jeremy Hunt contesting.

  • GBP/USD is steady in the outcome, a touch over 1.27 the figure.



Tory MPs have been voting again on Thursday in a fifth round of the leadership contest to select the final two candidates.



The contenders were as follows:




  • Boris Johnson, Jeremy Hunt, Michael Gove - (Sajid Javid was knocked out in a fourth ballot earlier in the day).



(Boris Johnson, the former foreign secretary and Mayor of London, has been topping all of the ballots so far).



Thursday's fifth-round results:




  • Boris Johnson: 160

  • Jeremy Hunt: 77

  • Michael Gove: 75 (out)



FX implications:



Candidates advancing through the race who are supporting a hard Brexit will weigh on the value of sterling as it will be suggesting that markets may have to price in a higher probability of a no-deal Brexit. 




  • GBP/USD made a high of 1.2727 earlier in the session and moved to a touch above the figure to meet the New York session highs at 1.2709 ahead of the results. 



GBP/USD technical analysis: Overbought conditions prompt some profit-taking, corrects to 23.6% Fibo. level



And the race continues...




  • Members of the Conservative Party will now be able to vote on the final two.

  • Finally, beginning on 22 June, the final two candidates will be put to a postal vote of the 160,000 Tory party members.

  • The winner will be announced in the week of 22 July.


This article is published only for general use basic informatory purposes and should not be considered or depended on as a financial or investment advice. Investors should make sure that they understand the risks and seek independent financial advice at all times. CFDS ARE COMPLEX INSTRUMENTS AND COME WITH A HIGH RISK OF LOSING MONEY RAPIDLY DUE TO LEVERAGE.

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