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Pound Moves Up After Resignation Of U.K. PM Liz Truss
(RTTNews) - The pound climbed against its major counterparts in the New York session on Thursday, as U.K. Prime Minister Liz Truss resigned amid a rebellion within her Conservative Party about the economic plan.
In a statement outside Downing Street, Truss said she could not deliver the mandate on which she was elected as Conservative leader.
The leadership election to choose a successor is expected to be completed within the next week.
Truss, who is the shortest-serving PM in Downing Street, admitted that she has lost the faith of her party.
The Treasury has confirmed that it would present the medium-term fiscal statement on October 31.
The GBP/USD pair bounced off to 1.1307, from a 6-day low of 1.1171 seen at 5:10 am ET. The pound may possibly challenge resistance around the 1.27 region.
The GBP/JPY pair rose to 169.34, after hitting a 3-day low of 167.42 at 5:10 am ET. Immediate resistance for the pound is likely seen around the 175.00 level.
The GBP/CHF pair firmed to a 2-day high of 1.1318, from a 2-day low of 1.1223 hit at 5:10 am ET. The currency is likely to test resistance around the 1.22 level.
The pound edged up to 0.8691 against the euro, following a 1-week low of 0.875 seen at 5:10 am ET. Should the currency rallies again, 0.84 is possibly seen as its next resistance level.
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