UK set for hung parliament, good to short GBP/USD?
The UK Conservatives have failed to win an overall majority, and the UK is now set for a hung parliament, according to latest forecast.
- Theresa May's Conservatives are set to be the largest party in a Hung Parliament after losing seats in England and Wales.
- This would be unwelcomed outcome for Prime Minister Theresa May, who chose to call the election to try to strengthen her hand in talks with the EU on Brexit.
- A weakened Conservative administration or a coalition government will make for a much more uncertain policy environment, meaning companies will find it more difficult to make investment and hiring decisions.
- GBP/USD may drop towards 1.2615, which is the key resistant level in March.
Fullerton Markets Research Team
Your Committed Trading Partner
