The pound rallied against its major counterparts in the European session on Thursday, after the resignation of U.K. finance minister Sajid Javid amid the cabinet reshuffle.

Javid will be replaced by Rishi Sunak.

Javid's resignation raised hopes for a more expansionary budget next month.

The pound advanced to near a 4-week high of 1.2764 versus the franc and an 8-day high of 1.3046 against the dollar, from its early lows of 1.2651 and 1.2944, respectively.

The U.K. currency climbed to an 8-day high of 143.09 against the yen and a 2-month high of 0.8326 against the euro, off its previous lows of 142.15 and 0.8400, respectively.

The next possible resistance for the pound is seen around 1.29 versus the franc, 1.33 against the dollar, 146.00 against the yen and 0.82 against the euro.

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