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British Foreign Secretary Boris Johnson has recently announced his resignation, confirming the earlier reports. A new Foreign Secretary is expected to be appointed by the PM Theresa May shortly.

“This afternoon, the Prime Minister accepted the resignation of Boris Johnson as Foreign Secretary. His replacement will be announced shortly. The Prime Minister thanks Boris for his work,”the official statement from May’s office read.

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The GBP/USD pair plummeted toward the 1.33 mark with the initial reaction.