BoJo's at the wheel now
Johnson defeats Hunt with a vote of 92,153 versus 46,656 with a 87.4% turnout.
The pound is holding steady on the announcement with cable sitting at 1.2468 currently after a run higher on short covering ahead of the event from a low of 1.2418 earlier to 1.2460 levels seen now.
The price action suggests that this has largely been factored in and now that he is done with his speech, he didn't mention anything about what comes next for Brexit. If anything else, I still don't see that there should be much sustainable upside/relief for the pound.
Johnson managed 2/3 of the votes and that's what he wanted to see so even if we do observe some further profit taking later in the day, I don't see it being sustainable in the long-run as we have to deal with Brexit issues still to come in the following weeks.
