Pound Moves Up After Resignation Of U.K. PM Liz Truss

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.