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British Pound (GBP) Breaking News: UK PM Liz Truss Resigns

British Pound (GBP) Breaking News: UK PM Liz Truss Resigns

Nick Cawley, Senior Strategist

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GBP/USD - Prices, Charts, and Analysis

  • UK PM Liz Truss resigns.
  • PM Truss has been in office for just 44 days.
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UK Prime Minister Liz Truss has resigned saying that she is unable to deliver on the mandate that she was elected on. There will be a Conservative party leadership election within the next week and Ms. Truss will stay on as PM until her successor has been decided. Ms. Truss’ tenure is the shortest of any UK Prime Minister. Former Chancellor of the Exchequer Rishi Sunak is seen as the early favourite to become the new PM.

Sterling has been pushing higher all morning as rumors that the PM would have to step down increased. Wednesday’s acrimonious resignation of Home Secretary Suella Braverman, and the chaotic scenes in the House of Commons were seen as the last straw for many Conservative MPs. Cable pressed back above 1.1300 pre-announcement, up from a sub-1.1200 low, but has drifted back to around 1.1260 as the news filters through.

GBP/USD 3 Minute Chart

GBP/USD Bearish
Data provided by
of clients are net long. of clients are net short.
Change in Longs Shorts OI
Daily 16% -9% 2%
Weekly 39% -11% 9%
What does it mean for price action?
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What is your view on the British Pound – bullish or bearish?? You can let us know via the form at the end of this piece or you can contact the author via Twitter @nickcawley1.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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