How GBP moves on the exit poll and how it moved vs model with Brexit - Nomura

Analysts at Nomura explained that when it comes to the UK election, UK rates and equity markets will be closed for the majority of the results night.

Key Quotes:

"With only the FX market open, this naturally will bring a greater focus on GBP during this period. 

With lower market liquidity at that time of day, there could be some sizeable swings in GBP, where for example in 2010 GBP/JPY had a high to low during the election night of 3.75% before London even opened for example."

"For both 2010 and 2015, GBP/USD’s high to low was around 1.5% within just the small space of 20 minutes following the exit poll, showing how much it can matter to markets."