The UK has an election today, but we do not expect to change our view on the British Pound (GBP) following the election result, says ING FX strategist Francesco Pesole.
We continue to see an uptrend in EUR/GBP
“Britain votes in its general election today. The latest polls confirmed that the opposition Labour party has a lead of around 20 points over the Conservatives and is projected to secure around 431 of the 650 seats in parliament.”
“Exit polls are generally believed to have very good predictive power for the final outcome in the UK. In the last five elections, they have predicted the composition of the House with an average error of just four seats. We will publish a reaction note following the exit polls this evening.”
“Overall, we do not expect our view on the pound to change in the wake of the election result. We still expect further easing from the Bank of England (BoE) compared to market expectations and remain bullish on EUR/GBP in the wake of that.”
Source: Fx Street
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