GBP Higher as Theresa May Single Candidate for UK Leadership

The value of the pound has risen against major currencies after Andrea Leadsom quit the Conservative Party leadership contest.

Mrs Leadsom had been up against Home Secretary Theresa May in the race to succeed Prime Minister David Cameron.

Against the dollar, the pound had fallen below $1.29 earlier, but then rebounded as reports circulated that Mrs Leadsom was to leave the contest.

In early afternoon the pound was up 0.2% against the dollar at $1.2981.
Against the euro, sterling was also 0.2% higher at €1.1745.

The pound still remains well below levels reached before the referendum, when it had been trading at around $1.50.

via BBC

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency
trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza