Pound down as Johnson resigns

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Monday, Jul 09 2018

Pound down as Johnson resigns

The pound reversed gains on Monday amid fresh Brexit uncertainty after Boris Johnson resigned as British foreign secretary, helping the dollar pull back from three-week lows. GBP/USD was down 0.16% to 1.3273 by 10:17 AM ET (14:17 GMT), off an earlier high of 1.3363.

The pound came under pressure after Boris Johnson resigned as British foreign secretary, becoming the third minister to quit the government in twenty-four hours, rather than back Prime Minister Theresa May’s plans for a soft Brexit. Johnson’s resignation increased the chance that May could face a vote of no confidence, throwing the future of her government into doubt.

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