Hung Parliament Cable collapses through support

GBPUSD, Daily                 

The UK General election has returned a Hung Parliament, the worse possible scenario for the markets and the UK economic outlook. Politically the authority of PM May has been removed and she will be “considering her position” in the coming hours. She is due to speak to the press at 09:00 GMT. Markets hate uncertainty and the strong mandate she was looking for has disappeared. GBPUSD fell to my support area I identified yesterday and now approaches 1.2700.

The UK100 is likely to rise on the result when UK markets open later.


Click here to access the HotForex Economic calendar.

Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding on how markets work. Click HERE to register for FREE! The next webinar will start in:

Stuart Cowell

Senior Market Analyst


Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.