GBP/USD: stabilizing as official results coming out

Currently, GBP/USD is trading at 1.2760, down -1.51% on the day, having posted a daily high at 1.2969 and low at 1.2705.

As the official results start feeding through, we have seen Labour draw a decent result from Newcastle (a university town) with a higher percentage won from UKIP, the Greens and Lib Dems over the Conservatives. The same could be said of Houghton and Sunderland with 24k+ votes in favour of Labour over the Conservative's 12,324.

GBP/USD is now trading range-bound between the lows of 1.2699 and 1.2783. Despite these early results supportive of Labour and solidifying the prospects of a hung parliament, Sterling is picking up a bid on the original knee-jerk reaction to the exit polls that left the Conservatives short by 12 seats for a majority. 

Tories fail to pick up majority of UKIP votes in Newcastle

GBP/USD levels

GBP Plummets as Majority Eludes Conservatives in Exit Polls

Further levels for the election results on the wide are 1.3122, 26th June low (post EU referendum immediate low), 1.3270, 1.3374 and 1.3429. To the downside, 1.2780, (post EU ref low) 1.2750 and 1.2600. Pressures here now point to below 1.2775 that will trigger losses to a potential 1.2609/1.2582, the 100 and 200 day mas and the 1.2366 the 10th April low.