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UK elections results blog – GBP/USD collapses on hung

The UK election results are now flowing quite rapidly, with declarations of seats mostly confirming the exit polls, that showed a hung parliament. The shock sent the pound down, but it has since recovered. The actual results show an outperformance for Labour. Corbyn could become PM, or at least May could leave Downing Street. Will it necessarily kill the pound? A lot depends on the government, especially if the pro-Remain LibDems are inside. If so, this is one of our 3 reasons for a buying opportunity on GBP/USD.

Key points

  • It is clear that May’s gamble backfired. The Conservative Party is not heading to an absolute majority nor a landslide victory.
  • The initial reaction was pound negative: a drop of over 250 pips.
  • However, a coalition or a minority government could need pro-Remain forces such as the LibDems or the SNP.
  • The UK will still leave the EU, but Brexit could be softer
  • GBP/USD could rise from here.

And not only election results are flowing, but also trading volume. Here is a live blog

The live blog takes a brak for now.

UK elections real results live blog

Yohay Elam

Yohay Elam

Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts.