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While the world comes to terms with one of the biggest political upsets of all time the FX markets have been somewhat subdued but that could all change very quickly
So what has happened to the GBP/USD cross?
As the results of the election started to trickle in during the early part of the Asian trading session, the GBP/USD cross rose over two cents, hitting a high of $1.2545 as Trump took an early lead.
However, rather surprisingly the dollar then started to strengthen as it became clear Trump was going to win. At the moment the markets are still taking stock of what has happened this morning but it would seem investors are seeking the safety of the U.S. dollar in these uncertain times.
At the time of writing the GBP/USD cross has slipped back to $1.24, giving up most of the ground it made overnight.
GBP/USD graph
The theory the dollar would plummet in value if Trump was elected has so far been proved wrong, but as the dusts settles it will be interesting to see how the FX markets react to this morning surprise result.
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