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fxJun 24, 2026, 5:02 PM

British Pound Weakens After PM Starmer Announces Resignation

GBP/JPY fell to near 213.00 as UK PM Keir Starmer's resignation announcement weighed on sterling sentiment.

GBPJPY

The British Pound declined against the Japanese Yen on Wednesday, with the GBP/JPY cross trading near the 213.00 level. The move followed UK Prime Minister Keir Starmer's announcement that he will step down as Labour Party leader and Prime Minister, creating political uncertainty that weighed on the currency.

Market participants reacted cautiously to the news, as Starmer's resignation introduces a period of leadership transition within the UK government. The pound's weakness was most pronounced against the yen, though broader sterling pairs also felt pressure.

No further details on the timing of the resignation or potential successors were provided in the announcement. Traders will watch for further political developments that could impact the pound's trajectory.

Source: FXStreet Forex News