GBPUSD still under pressure following PM Truss’s resignation
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After the volatility settled following PM Truss's resignation announcement, cable continued to grind lower. There is still uncertainty regarding who will be the next PM. Bookmakers have former Chancellor Rishi Sunak as the favourite, but their has been a suggestion that Boris Johnson may return.
100 Conservatives must ratify a candidate to be eligible to participate in the party election. Moreover, the new leader's fiscal policy will be under scrutiny, given the fallout caused by Trusseconomics.
The GBPUSD daily chart shows that a lower peak has charted. Therefore, if the currency pair drops below 1.0920 (green horizontal line), a lower trough will chart, and cable's technical downtrend will continue.
Russell Shor
Senior Market Strategist
Russell Shor is a Senior Market Strategist at FXCM, having been promoted to the role in 2025 in recognition of his depth of insight and consistent delivery of high-impact market analysis. He originally joined FXCM in October 2017 as a Senior Market Specialist.
Russell holds an Honours Degree in Economics from the University of South Africa, is a certified FMVA®, and a full member of the Society of Technical Analysts (UK). With over 20 years of experience in financial markets, his work is renowned for its clarity, precision, and strategic value across asset classes.
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