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

  • 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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