Prime Minister Theresa May had called the snap election to strengthen her hand in Brexit negotiations. Possibility of a hung parliament in the UK was the worst case scenario for the Conservatives, early outcome projections seem to confirm this nightmare has come true for Theresa May.

As pound gained since April 18 when UK Prime Minister called the snap election, yesterday’s early exit polls weigh on all GBP pairs significantly, removing most of its earlier gains.

GBPUSD tanked on the possibility of a hung parliament in the UK which was the worst case scenario for the Conservatives.  Early outcome projections seem to confirm this nightmare has come true for Theresa May. Pound aims at the area between 1.2612 and 1.2512, yesterday’s move has removed upward trend on this pair. Source: xStation5