Pound rises as BBC reports embattled U.K. Prime Minister to resign

The British pound rose early Thursday as the BBC and other U.K. media reported that Prime Minister Boris Johnson is expected to resign imminently. The pound GBPUSD, +0.56% rose 0.4% to $1.1978, in a week that has thus far seen dozens of Conservative cabinet members resign in protest over Johnson’s flip-flopping around a sexual harrassment scandal. The BBC reported that Johnson will resign as Conservative leader, but continue as prime minister until autumn. A campaign to replace Johnson will take place this summer, with a new leader ready in time for the October Tory party conference, the BBC said.