UK political Tory resignations at Downing Street are dropping like bombs

In recent trade, UK political Tory resignations are dropping like bombs due to the incompetence of the PM.

Firstly, British Health Secretary Sajid Javid resigned from Prime Minister Boris Johnson's government on Tuesday, he said in a statement.

We then had news across Twitter that the UK's Finance Minister Rishi Sunak resigned.

The public rightly expects the government to be conducted properly, competently and seriously. I recognise this may be my last ministerial job, but I believe these standards are worth fighting for and that is why I am resigning," Sunak wrote on Twitter.

Sky News reports that ''Mr Sunak also appeared to confirm rumours of tensions between Number 10 and Number 11, saying in a letter to Mr Johnson:'On those occasions where I have disagreed with you privately, I have supported you publicly.'

He said their approaches were 'fundamentally too different' and 'we cannot continue like this.

After the resignation of two cabinet ministers in one evening, our political editor Beth Rigby said this is now looking 'very, very grave indeed' for the prime minister. 

Mr Johnson had appeared in front of broadcasters and admitted he made a "mistake" in appointing Chris Pincher as deputy chief whip. 

The MP quit last week over allegations he groped two men, including an MP.''

Meanwhile, the deputy MP stands by Johnson. Dominic Raab will not resign, allies say. "There's no way he's going," says a source close to him.

Liz Truss is 100% behind the PM also, the foreign secretary has said. 

UK PM Boris Johnson says ''it seemed to me that it was 'reasonable grounds' for Pincher to continue in his post after a complaint was raised, but in retrospect that was the wrong decision.''

''Past complaint against pincher brought to Johnson didn't come 'anywhere near the threshold of criminality'''

So far, GBP is holding up after the initial 12 pip move to the downside vs the US dollar. 

Letters of resignation:

 

GBP/USD downside bias

GBP/USD has coiled into a phase of consolidation on the 15-min charts which could be nearing its peak as per the wedge formation at around 50% mean reversion of the prior bearish impulse. A break of the round 1.1900s opens the risk of a run on potential sell-stops towards the next quarter near a -38.2% Fib extension.

On the 5-min time frame, however, there is a price imbalance towards the 61.8% ratio near 1.1950 that could still be mitigated beyond the double top: