Sterling extended losses after UK Prime Minister Starmer announced his resignation. The move was widely anticipated; Starmer had faced pressure from Labour MPs to make way for Andy Burnham, who won last week's by-election and has positioned himself for a leadership bid. GBP/USD was down 0.3% on the day and EUR/GBP was up 0.1%, both little changed versus pre-announcement levels.

2026-06-22

Sterling extended losses after UK Prime Minister Starmer announced his resignation. The move was widely anticipated; Starmer had faced pressure from Labour MPs to make way for Andy Burnham, who won last week's by-election and has positioned himself for a leadership bid. GBP/USD was down 0.3% on the day and EUR/GBP was up 0.1%, both little changed versus pre-announcement levels.