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British Pound Slides After Inconclusive UK Election Results

British Pound Slides After Inconclusive UK Election Results

Christian Lewis, Contributor

Talking Points:

  • GBP plunged against major counterparts after initial UK exit poll
  • Poll projects Conservatives won’t get a majority in UK parliament
  • Volatility set to continue as updates continue to cross the wires

Retail traders are betting British Pound strength. Find out here what that hints about the price trend!

The British Pound fell against its major counterparts after the release of the initial UK exit poll points to an inconclusive election result. The results crossed the wires in early Asia trading hours showing that Prime Minister Theresa May’s Conservative party has encountered unexpected trouble securing the majority in UK Parliament.

Initial UK election exit poll statistics show as follows: Conservative Party 314 seats, Labour Party 266 seats, SNP 34 seats, Liberal Democrats 14 seats. Volatility is set to continue for pound crossings as updates cross the wires, potentially expanding GBP slides if a hung Parliament remains in the United Kingdom.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.