The British pound has fallen sharply following results of the U.K. election which show the ruling Conservative party has failed to reach of a majority in the British Parliament.
PM May's ruling Conservative party won 318 seats and lost its parliamentary majority. The opposition Labour Party led by Jeremy Corbyn had 261 seats. The Scottish National Party had won 35 seats, the Liberal Democrats were at 12 and the Democratic Unionist Party had 10. According to the BBC, voter turnout was at 68.7 percent.
Cable (GBP/USD) fell from levels as high as $1.2977 on Thursday to a multi-month low of $1.2632 on Friday morning London time.
Despite the election result, U.K. leader Theresa May said she would form a new government in order to "provide certainty" and make sure the country is "safe and secure".
Speaking outside Downing Street, the prime minister confirms Brexit talks will stick to the existing timetable.