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The long-anticipated announcement of Theresa May's successor at 10 Downing is almost over, as the British Conservative party is expected to release the final results from the voting, which took nearly an entire month, on the 23rd of July.
Boris Johnson is expected to win with a landslide victory over Jeremy Hunt and thus become Britain’s next PM, amidst rising geopolitical tensions and worsening national economy.
Just two days ago Iran seized the British oil tanker Stena Impero off the Persian Gulf, which act was immediately condemned by British officials, and these heightened tensions between the two countries could be perceived as a possible prelude to armed conflict in the near future unless the situation is handled correctly.
Britain's newest PM would have to consider his options very carefully, as the situation in the Middle East is already reaching dangerous proportions and any misfire could trigger a domino effect, that could have detrimental political consequences for the entire region. At any rate, the situation in the Gulf is going to preoccupy some of the attention of the British cabinet for the next few weeks to come, which is going to shift the focus away from Brexit temporarily.
Boris Johnson has said on multiple occasions that he would be more than happy to see Brexit delivered at any cost, which means with or without previously secured trade deal with the EU bloc. Many analysts, however, consider this as a potentially perilous political movement on his part, which is done with the intention to win over the support of his fellow tory party members in the election by putting at stake the economic stability of the entire country.
The pound has been tumbling steadily for the entire month of July, and the likely win of Boris Johnson would possibly put additional pressure on the GBPUSD pair, which could collapse to levels last seen in April 2017.
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