Following the news that UK Prime Minister Boris Johnson will announce his resignation, a Downing Street spokesman said that the Conservative Party leader will "make a statement to the country" Thursday.

Chatters surrounding his resignation built up after he was abandoned by over 50 ministers and Tory lawmakers, withdrawing support following Johnson’s involvement in many scandals.

Speculations are rife that Trade Minister Penny Mordaunt and Attorney General Suella Braverman are leading the succession race.

Bloomberg reported, “a close ally said Johnson had shown in the last 48 hours he would go down fighting but he's conceded he must resign. He will stay on as caretaker prime minister until October, with a new Conservative leader set to be installed in time for the party's annual conference.”

Market reaction

GBP/USD has faded the latest leg down, as bulls are back in the game amid the renewed US dollar selling and UK political drama.

The pair is now trading at 1.1994, adding 0.54% on the day, awaiting Johnson’s speech.