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British Pound Latest – UK PM Boris Johnson is Set to Resign, GBP Unfazed


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Jul 7, 2022 | DailyFX
Nick Cawley, Strategist

GBP/USD - PRICES, CHARTS, AND ANALYSIS

  • Boris Johnson expected to hand in his notice after a swathe of Tory MPs resign
  • PM Johnson has led the UK government since July 2019.

Prospect of Boris Johnson's Resignation Could Boost Pound (GBP),  Strategists Say - Bloomberg

Boris Johnson is expected to hand in his resignation today, according to a raft of well placed media sources, sparking a new leadership contest. Johnson has been under extreme pressure to quit after a series of gaffes left his position untenable.

The latest talk is that Boris Johnson will resign later today but will stay on as caretaker Prime Minister until a new leader is chosen in the Summer.

Sterling is little changed against a range of currencies with expectations that the PM would have to resign in the coming days already priced in. GBP/USD is near a fresh multi-month low, due mainly to the strength of the US dollar. The US dollar basket (DXY) printed a fresh 20-year high on Wednesday.

 

What is your view on the British Pound – bullish or bearish?

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