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The pound has rallied against the dollar after Theresa May won a crucial vote of confidence in her leadership, thwarting plans by Tory Brexiteers to remove her as prime minister.
It jumped to $1.2672 as it emerged that enough Conservative MPs had supported their leader to see off a leadership challenge on Wednesday evening, before falling to $1.2605, still 1 per cent up on the day.
It had slumped to $1.2562 when markets closed on Monday, its lowest level since April 2017, after Ms May announced a parliamentary vote on her Brexit deal would be delayed.
However, the pound remains low against the dollar compared to recent months, when anything between $1.30 to $1.27 has been normal.
The pound also closed on Wednesday against the euro at €1.1110, up from €1.1059 at the beginning of the week, but low compared to the roughly €1.15 seen during November.
"Brexit betrayal" march in LondonShow all 43 1 /43"Brexit betrayal" march in London "Brexit betrayal" march in London A protester holds an anti-BBC sign
Angela Christofilou/The Independent
"Brexit betrayal" march in London A pro-brexit demonstrator holds a sign in the picket line
Angela Christofilou/The Independent
"Brexit betrayal" march in London A protester carrying a noose at the "Brexit betrayal" march. The man carrying it told a reporter: "That's what the traitor May deserves."
AP
"Brexit betrayal" march in London Pro-brexit supporters hold a sign opposed to Nigel Farage
Angela Christofilou/The Independent
"Brexit betrayal" march in London Protesters carry a defaced British flag on the march
Angela Christofilou/The Independent
"Brexit betrayal" march in London Tommy Robinson addresses a rally after taking part in a Brexit 'betrayal' march in central London
PA
"Brexit betrayal" march in London Police officers attempts to keep rival protesters from clashing at the Brexit 'betrayal' march in London
Victoria Jones/PA
"Brexit betrayal" march in London A protester holds an anti-Theresa May sign
Angela Christofilou/The Independent
"Brexit betrayal" march in London A pro-brexit demonstrator and his dog
Angela Christofilou/The Independent
"Brexit betrayal" march in London A pro-brexit demonstrator at the protest
Angela Christofilou/The Independent
"Brexit betrayal" march in London A pro-brexit sign at the rally
Angela Christofilou/The Independent
"Brexit betrayal" march in London Pro-brexit demonstrators endorse UKIP
Angela Christofilou/The Independent
"Brexit betrayal" march in London A Brexit 'betrayal' march protester wearing a Make Britain Great Again hat in London on 9 December 2018
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"Brexit betrayal" march in London Brexit 'betrayal' marchers gathering on Park Lane ahead of a protest
Angela Christofilou/ The Independent
"Brexit betrayal" march in London The "Brexit Betrayal" march passes through Central London
Angela Christofilou/The Independent
"Brexit betrayal" march in London Tommy Robinson tells protesters to join Ukip via their mobile phones on stage next to leader Gerard Batten (right) at the Brexit 'betrayal' march
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"Brexit betrayal" march in London A protester speaks thorugh a megaphone on the march
Angela Christofilou/The Independent
"Brexit betrayal" march in London A pro-brexit demonstrator walks in the picket line
Angela Christofilou/The Independent
"Brexit betrayal" march in London A pro-brexit anti-May sign at the rally
Angela Christofilou/The Independent
"Brexit betrayal" march in London A protester carries a Union Jack on the march
Angela Christofilou/The Independent
"Brexit betrayal" march in London A pro-brexit demonstrator wrapped in the Union Jack
Angela Christofilou/The Independent
"Brexit betrayal" march in London A pro-brexit anti-May sign at the rally
Angela Christofilou/The Independent
"Brexit betrayal" march in London Pro brexit demonstrators move through Central London
Angela Christofilou/The Independent
"Brexit betrayal" march in London A pro-brexit demonstrator marches with sign
Angela Christofilou/The Independent
"Brexit betrayal" march in London A pro-brexit demonstrator holds a rude sign in the rally
Angela Christofilou/The Independent
"Brexit betrayal" march in London The march passes down Victoria Street near Parliament
Angela Christofilou/The Independent
"Brexit betrayal" march in London A festive protester marches near Parliament
Angela Christofilou/The Independent
"Brexit betrayal" march in London A protester holds a mock noose as the march passes down Victoria Street towards Parliament
Angela Christofilou/The Independent
"Brexit betrayal" march in London A protester wrapped in the Union Jack marches down Victoria Street towards Parliament
Angela Christofilou/The Independent
"Brexit betrayal" march in London A protester makes some noise on the march
Angela Christofilou/The Independent
"Brexit betrayal" march in London A protester dressed as a dinosaur holds a sign rallying against "Davocracy" - in reference to the annual World Economic Forum meeting in Davos
Angela Christofilou/The Independent
"Brexit betrayal" march in London A protester holds a pro-brexit sign on the march
Angela Christofilou/The Independent
"Brexit betrayal" march in London The march approaches parliament
Angela Christofilou/The Independent
"Brexit betrayal" march in London A protester distributes pro-brexit lapel badges
Angela Christofilou/The Independent
"Brexit betrayal" march in London A demonstrator wears an anti-EU poster and holds an anti-BBC sign
Angela Christofilou/The Independent
"Brexit betrayal" march in London A smoke bomb is deployed in Parliament Square as the march comes across the counter-demonstration
Angela Christofilou/The Independent
"Brexit betrayal" march in London
Angela Christofilou/The Independent
"Brexit betrayal" march in London A flag bearing the Arms of Plantagenet flies in theprot
Angela Christofilou/The Independent
"Brexit betrayal" march in London Protesters on the Brexit 'betrayal' march in London on 9 December 2018
Angela Christofilou/ The Independent
"Brexit betrayal" march in London Protesters on the Brexit 'betrayal' march in London on 9 December 2018
Angela Christofilou/ The Independent
"Brexit betrayal" march in London Brexit 'betrayal' marchers gathering on Park Lane ahead of a protest on 9 December 2018
Angela Christofilou/ The Independent
"Brexit betrayal" march in London Brexit 'betrayal' marchers gathering on Park Lane ahead of a protest on 9 December 2018
Angela Christofilou/ The Independent
"Brexit betrayal" march in London
Angela Christofilou/The Independent
Ms May won the confidence vote by 200 votes to 117 – with just under two thirds of Tory MPs deciding to back her leadership.
The secret ballot had been called earlier on Wednesday after Sir Graham Brady, the chairman of the 1922 Committee of Conservative backbenchers, announced he had received the 48 letters from MPs needed to trigger a vote.
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