The British pound jumped shortly after 9:00 am BST today following a report from Sky News. Sky reported that UK Prime Minister Boris Johnson is preparing a resignation letter. This comes following a massive exodus of ministers from his cabinet. It is said that around 50 lower- and higher-ranking officials in Johnson's administration have resigned in recent days in a show of discontent with how Johnson leads the United Kingdom and Conservative Party. An official statement is expected within hours.
GBPUSD jumped on news reports saying that UK Prime Minister Johnson is set to resign. Pair jumped and tested the 1.20 resistance zone but, so far, failed to break above. A key near-term resistance can be found at the upper limit of local market geometry (1.2070). Source: xStation5
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