# Pound bounces as new UK Prime Minister Boris Johnson takes over | Brexit | Al Jazeera

> Sterling rose as much as 0.5% against the dollar on July 24 and gained against the euro, its first move higher after two days of losses. Traders cut some extreme short positions, with net shorts around $6bn. The rally came as Boris Johnson took office as UK prime minister pledging to leave the EU on October 31 with or without a deal.

- Date: 2019-07-24 · published 2019-07-24T12:00:00.000Z
- Category: macro · region UK · magnitude low
- Page: https://feedsoft.ai/events/58365-pound-bounces-as-new-uk-prime-minister-boris-johnson-takes-over-brexit-al
- Commodities: [British Pound (USD per GBP)](https://feedsoft.ai/c/GBPUSD.md)

## Why it matters

A short-lived currency rebound reflects position-trimming rather than a change in fundamentals, so dollar-based commodity pricing is little affected. The no-deal risk still weighs on sterling.

## Read by commodity

- GBPUSD: bullish ▲

## Sources

- aljazeera.com: https://www.aljazeera.com/economy/2019/7/24/pound-bounces-as-new-uk-prime-minister-boris-johnson-takes-over

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.