British Pound Gives Back Early Gains as Boris Johnson Resigns

British Pound lost its early gains against the United States Dollar after Prime Minister Boris Johnson resigned on Thursday.

The pound had earlier rose to 1.2023 against the United States Dollar before shedding part of those gains to 1.1967 shortly after Prime Minister announced his resignation.

Boris Johnson has been under heavy pressure from his own party to resign for involving in what most termed as too many scandals.

To force the prime minister out of office, 44 lawmakers resigned this week, saying the minister had put all lawmakers moral under scruitining and in question.

“Treading a tightrope between loyalty and integrity has become impossible in recent months,” said Savid Javid, the United Kingdom’s former health secretary, in his resignation speech Wednesday in the House of Commons. “Now this week, again, we have reason to question the truth and integrity of what we’ve all been told. And at some point, we have to conclude that enough is enough.”

Speaking on his resignation, Johnson said he will remain in office until his party, Conservative Party, chooses a new leader, who will then take over.

“Of course, it is painful to not to be able to see through so many ideas and projects,” Johnson said in front of the door of No. 10 Downing St. in London, as loud crowds could be heard nearby. “But as we have seen at Westminster, the herd instinct is powerful and when the herd moves, it moves.”