Pound Tumbles To Seven-week Low As U.K. Exit Poll Points To Hung Parliament

By Sara Sjolin Markets MarketWatch Pulse

The pound slumped to a seven-week low on Thursday night after an exit poll for the U.K. general election pointed to a hung parliament. Sterling fell to as low as $1.2707, after trading around $1.2960 ahead of the poll. Theresa May's Conservative Party looks set to win 314 seats, short of the 326 needed to secure a majority, according to the poll. Labour is predicted to win 266, followed by the Scottish National Party at 34 seats. The exit poll in the 2015 election also predicted a hung parliament, but the final result ended up giving the Conservatives an outright majority.

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