UK Elections: First real results seem to confirm Conservative landslide, GBP positive

The first three declarations of real results from the UK elections have shown a significant swing toward Prime Minister Boris Johnson's Conservative Party. The outcome seems to confirm the exit polls, which showed a massive 86-seat win for the Tories.

GBP/USD initially hit a high of 1.3514 before correcting to around 1.3460 and is now on the rise again.

The Conservative Party gained one seat from Labour while the opposition party has clung to two seats but with substantially smaller majorities. The seats are in the Northeast. The ruling party turned Blyth Valley blue for the first time since the constituency's creation in 1950 – nearly 70 years ago.

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GBP/USD weekly chart showing the massive upswing:

Former Tory Chancellor of the Exchequer Goerge Osborne said on television, following the surprising gain in Blyth Valley:

We never thought we’d get Blyth Valley. We had hopes in a place called Tynemouth, which we might come to later. There’s a Conservative candidate in Hexham who I heard a couple of days ago saying ‘we are going to win Blyth valley’ and I thought he was always a bit optimistic, this guy. But he was right and that is a pretty spectacular win