Former foreign secretary Borish Johnson said at an event in Manchester that he will present his candidacy for Prime Minister if "there is a vacancy." Johnson is a prominent member of the Conservative Party and considered to be the leading candidate to inherit incumbent Theresa May.
May is battling for her political survival. She met with the 1922 Committee, a group of Conservative backbenchers which may decided to change party rules in order to hasten her ousting. According to media reports, she may step down on June 15th.
Johnson supported Brexit and may adopt a tougher stance if he enters Downing Street.
GBP/USD is on the back foot throughout the day due to the high political uncertainty. It trades around 1.2800, the lowest since February. Support is seen at 1.2775.
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