Former British Finance Minister Rishi Sunak announced on Friday that he will be running in the contest to replace Prime Minister Boris Johnson.

"I’m standing to be the next leader of the Conservative Party and your Prime Minister," Sunak tweeted out. "Let’s restore trust, rebuild the economy and reunite the country."

Market reaction

This announcement doesn't seem to be having a noticeable impact on the British pound's performance against its rivals. As of writing, the GBP/USD pair was posting modest daily gains at 1.2035.