The UK’s Conservative party’s leadership race concluded with the appointment of Boris Johnson. Johnson will replace the outgoing prime minister, Theresa May who resigned after failed attempts to deliver Brexit. The markets were widely expecting Johnson to win the race. Elsewhere, BoE’s Andy Haldane, in comments said that the MPC will not be pushing for a rate hike when it meets next week.
Will the GBPUSD Rebound off the Two-Year Lows?
The pound sterling is trading near a two-year low for the most part since last week. The currency pair initially bounced off the lows with price action in the past few sessions showing a strong consolidation. The resistance area of 1.2481 remains key. A close above this level could signal some kind of a bullish bias.
