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Theresa May could  become UK Prime Minister  as early as today. Update: she will enter 10 Downing on Wednesday evening. Her  last standing rival Andrea Leadsom quit the race after saying she does not have enough support for running a strong government. She was also engulfed by her own ugly statements about May not being a mother. The party confirmed that the contest is over and that May will soon be confirmed as leader. There will be not voting process among members.

May,  which backed Remain relatively quietly is  also getting the backing of Justice Minister  Michael Gove who competed with her until Thursday. He says she should become PM immediately.

Also Boris Johnson backs  May, saying she has the authority and leadership to unite the party and the country. He also calls for this to happen immediately.

The contest is over as the Guardian reports:

Graham Brady told journalists explicitly, in response to questions, that he would not be reopening the leadership contest

Brady is  the party official but the 1922 committee will make the final call.

GBP/USD bounced off the lows of 1.2850 on the initial news and continue higher. Update:  cable reached a high of 1.3017 before sliding back down. Volatility remains high. It is important to note that May officially supports Brexit now, respecting the will of the people.

The 31 year low of 1.2791 is key support. On the topside, 1.3480 is high resistance.  Closer, a confirmation about the break above 1.30 could see a challenge of 1.3110.

More: Brexit – all the updates in one place.

Here is the chart:

GBPUSD Theresa May PM July 11 2016