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GBP/USD Spikes as Poll Project Large Election Win for Boris Johnson

GBP/USD Spikes as Poll Project Large Election Win for Boris Johnson

Justin McQueen, Strategist

General Election Analysis & Talking Points

  • Boris Johnson Majority Expected by UK Exit Polls

Sterling soars to Fresh 2019 High in reaction to Conservative Win

GBP/USD has spiked higher by over 2% in reaction to the UK Exit Poll, which projects a larger than expected majority for the Conservative party of 368 seats. As such, a majority of this size will pave the way for a smooth Brexit process with Boris Johnson able to pass his deal through parliament (December 20th had been touted as a potential voting day) with ease and take the UK out of the EU at the end of January.

UK Exit Poll Projects Larger than Expected Conservative Majority

Conservatives: 368 (+50)

Labour: 191 (-71)

Lib Dems: 13 (+1)

Brexit Party: 0

SNP: 55 (+20)

Green Party: 1 (unchanged)

Other: 22

GBPUSD PRICE CHART: 1-MINUTE TIME FRAME (INTRADAY)

GBPUSD Soars on Conservative Landslide

--- Written by Justin McQueen, Market Analyst

To contact Justin, email him at Justin.mcqueen@ig.com

Follow Justin on Twitter @JMcQueenFX

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

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