GBP Plummets as Exit Polls Suggest No Majority

Who’s Going to Have a Worse Night, GBP or Theresa?

The initial exit poll suggest it’s been a catastrophic campaign for Theresa May, with the Conservatives on course to fall short of an overall majority having been 20 points in the lead in the polls only a few weeks ago.

Sterling has fallen off a cliff after the initial exit poll. A hung parliament is the worst outcome from a markets perspective as it creates another layer of uncertainty ahead of the Brexit negotiations and chips away at what is already a short timeline to secure a deal for Britain. GBPUSD fell more than 2 cents immediately after the exit poll and looks very vulnerable to further downside.

Now we move onto the results in the coming hours to see whether the exit polls do in fact accurately represent the voting. We should get the first result very soon and should it confirm what we’re seeing, it could be another very bad night for GBP.

OANDA fxTrade Advanced Charting Platform

GBP/USD – Pound Edges Lower on Election Day

Super Thursday – Politics and Monetary Policy Take Center Stage

Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.