On Thursday, a number of media sites claimed that British Prime Minister Borish Johnson will be announcing his resignation.
Johnson is expected to issue a statement in the coming hours, according to the BBC.
Market response
Following the initial response, the GBP/USD pair moved little higher and was last spotted at 1.1972, up 0.35 percent daily. In the meanwhile, this news has increased the FTSE 100 Index in the UK by more than 1%.