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

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  • 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.
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