The pound rallied on the political certainty that the contest in the Conservative Party ended quickly and that Theresa May will replace David Cameron very soon. The rally was worth nearly 500 pips, from the lows of 1.2850 to 1.3336.
But now, as Cameron just tendered his official resignation in Buckingham Palace and May is about to get the keys to the Kingdom, we are back to reality.
Here is the GBP/USD chart
(Click on image to enlarge)
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