GBP/USD has been quiet in the past few hours as traders are looking forward to the exit polls at 22:00 local time, but we could see very choppy price action ahead of the first numbers. Here is a comment from Nomura’s spot trader on the market impact of the possible outcomes:
Exit polls expected at 22:00 local time. These polls were very accurate last time and should give us a very big indication of the final result. The market will clearly be rattled with an outcome that gives uncertainty, but I think that is what people are setting themselves up for. A strong showing by the Conservatives will give GBP a quick boost. A Labour victory will hurt it, and an uncertain outcome will also cause some sell-off but there might be some horse-trading to conclude and people might sit it out until there is more clarity.