Matt Hancock, one of the candidates to succeed British Prime Minister Theresa May, has recently announced his decision to withdraw from the Conservative Party leadership contest.
"Thank you for all your support. I have decided to withdraw from the race to be the next leader of the Conservative Party. I will now look for the best way to advance the values we fought for," Hancock tweeted out.
The market reaction to this development was relatively muted and the GBP/USD pair was last seen trading at 1.2650, losing 0.2% on a daily basis.
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