British pound falls sharply after UK exit poll says May's Conservatives have lost majority

The sterling fell after an exit poll said Theresa May’s Conservative party lost its majority in the British Parliament, ceding big gains to Jeremy Corbyn’s Labour party.

The sterling fell from $1.295 to $1.2704, its lowest level since April 18.

A BBC/SKY/ITV joint exit poll found that Corbyn’s party made significant gains, but no party won the 326 seats needed for an overall majority.

According to the exit poll, May’s party held onto 314 seats, down from 330.

This is breaking news. Please check back for updates.

Read more on currencies here. Go to CNBC’s live blog for the latest coverage on the U.K. election.

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