Conservatives on course for massive majority

Sterling soars as Conservatives head for a majority

The pound is soaring after the exit polls showed the Conservatives winning a strong majority in the 2019 general election.

This has been a bitterly fought election that has once again divided the nation but perhaps not as much as it could have. Should the exit polls prove to be accurate, it will be a huge majority for Boris Johnson and one that ensures his Brexit deal flies through Parliament and the UK leaves the EU by the end of January.

Boris’ gamble that getting Brexit done mattered most to the British public has proven correct and he now has a strong mandate to deliver on the will of people.

The pound had rallied a little into the result over the last week or so and for once, optimistic sterling traders were not burned. The referendum result may have left them a little less confident going into this evening but their faith has been rewarded with the pound jumping more than 2% against the US to its highest level in a year and a half.

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Of course, people will be watching the results as they appear throughout the night as there’s no guarantees these polls are necessarily correct but to overturn such a strong majority would be an enormous shock.

The uncertainty of Brexit and then the referendum has weighed on the pound and the economy for years. While Boris’ deal may be viewed by many as a hard form of Brexit, this offers the certainty that hasn’t existed for too long.

The night ahead will undoubtedly be eventful and the volatility we’re seeing in sterling is likely to continue but markets have made their feelings clear and they’re pleased.

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Craig Erlam

Craig Erlam

Former Senior Market Analyst, UK & EMEA at OANDA
Based in London, Craig Erlam joined OANDA in 2015 as a market analyst. With many years of experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while producing macroeconomic commentary.

His views have been published in the Financial Times, Reuters, The Telegraph and the International Business Times, and he also appears as a regular guest commentator on the BBC, Bloomberg TV, FOX Business and SKY News.

Craig holds a full membership to the Society of Technical Analysts and is recognised as a Certified Financial Technician by the International Federation of Technical Analysts.