Sterling rises as Boris Johnson approaches heading new government

British pound rose against most of its major counterparts on wednesday after news of Boris Johnson's victory over his rivals in the run-up to the new government, replacing Theresa May, which resigned earlier this month.

Johnson said the United Kingdom would lose much if it did not withdraw from the European Union before the October 31 deadline.

Johnson stressed that his country will leave the European bloc whether by an agreement or not, noting that the uncertainty that surrounds this matter harms the British economy.

On the other hand, the US Federal Reserve kept the interest rate at the range between 2.25% and 2.50% unchanged, and predicted not to cut it this year, unlike the markets' speculations.

In terms of trading, at 19:02 GMT, GBP/USD rose by 0.8% to 1.266, with a high of 1.2674 and a low of 1.2542.