Official exit polls show 314 seats for the Conservatives, short of 326 needed for a majority. Labour wins 266.SNP wins only 34, the Lib Dems 14. Experts say that in previous elections, exit polls underestimated the Conservatives. Nevertheless, it is a shocker.
This is below expectations for the Tories and the pound is reacting with a crash across the board. GBP/USD falls to 1.27, EUR/GBP jumps to 0.88. The low so far has been 1.2713 and the high has been 1.2755.
Is this a trading opportunity on GBP/USD? Here are three reasons
These are exit polls conducted by the BBC, ITV and Sky News. The real results will begin pouring in within an hour or two. The most recent opinion polls showed an absolute majority for the Conservative Party, a bit above the current majority but not a landslide victory. However, opinion polls were all over the place. Full preview: How to trade the UK elections with GBP/USD – the full guide
GBP/USD was trading around 1.2950 ahead of the publication. The exit polls are released during the thin hours of trading when only Australia and New Zealand are open.
During the day there were reports of long lines of voters in universities, but nothing more than that.
