There are rumours that the Tory Chief Whip Wendy Morton, has resigned.
This is yet to be confirmed, but if it is true, this will be the second resignation of the day. Suella Braverman has resigned as interior minister after just 43 days in the role, citing a breach of rules as well as concerns over the direction of the government.
GBP/USD update
Meanwhile, the pound has dropped from a high of 1.1357 to a low of 1.1184 so far on the day. Investors anticipate that the currency will remain under pressure amid an outlook for rising inflation and a recession in the UK as well as the political drama.
The Bank of England, (BoE) is being priced by markets to increase rates by 75 basis points rather than 100 bps at its November meeting following Wednesday's Consumer Price Index inflation data.
On Wednesday morning, data from the UK Office for National Statistics showed that the headline Consumer Price Index (CPI) at 10.1%, higher than the expectations of 10% and the prior release of 9.9%. Also, the core CPI has escalated to 6.5% than the projections of 6.4% and the former figure of 6.3%.
GBP/USD H1 chart
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