#GBPUSD @ 1.12872 Liz Truss resigns as Prime Minister after 45 days. (Pivot Orderbook analysis)

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• Liz Truss resigns as Prime Minister after 45 days.
• Pound up across the board, among top performers of the American session.
• GBP/USD up more than a hundred pips on Thursday.

The pair currently trades last at 1.12872.

The previous day high was 1.1358 while the previous day low was 1.1185. The daily 38.2% Fib levels comes at 1.1251, expected to provide support. Similarly, the daily 61.8% fib level is at 1.1292, expected to provide resistance.

The GBP/USD printed a fresh daily high during the American session at 1.1335, boosted by a rebound of the pound following PM Liz Truss’s resignation and a weaker US dollar.

The greenback is falling across the board as Wall Street posts gains with main indexes up around 1%. The DXY is under 112.30, down by 0.55% even as US yields move rise.

The pound strengthened following the resignation of Liz Truss as Prime Minister after only 45 days. The new PM will emerge from a new leadership election at the Conservative Party next week.

Market participants reduced their bets on Bank of England interest rate hikes. They now see a less aggressive BoE. Now attention will turn to the potential successors that could include Rishi Sunak and Boris Johnson.

The GBP/USD ran to 1.1305 initially, following the announcement and more recently printed a fresh daily high at 1.1336, amid a decline of the dollar. It is hovering around 1.1300. EUR/GBP is modestly lower for the day, trading under 0.8700 while GBP/JPY is up approaching 170.00.

Technical Levels: Supports and Resistances

GBPUSD currently trading at 1.1296 at the time of writing. Pair opened at 1.1218 and is trading with a change of 0.7 % .

The pair is trading above its 20 Daily moving average @ 1.113, below its 50 Daily moving average @ 1.1465 , below its 100 Daily moving average @ 1.1809 and below its 200 Daily moving average @ 1.2443

The previous day high was 1.1358 while the previous day low was 1.1185. The daily 38.2% Fib levels comes at 1.1251, expected to provide support. Similarly, the daily 61.8% fib level is at 1.1292, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 1.1149, 1.1081, 1.0977
• Pivot resistance is noted at 1.1322, 1.1427, 1.1495

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