GBP/JPY hits fresh 7-week low, Corbyn to be a new UK PM?

GBP/JPY fell to a fresh 7-week low of 139.53 after the report hit the wires that betting exchange Betfair are seeing Jemery Corbyn as the new Prime Minister of the UK. 

Trades around 140.00

The cross was last seen trading around 140.00 levels. So far, Labour is in the lead with 29 seats, while conservatives are lagging big time with 18 seats. Conservatives have missed by a mile in key constituencies. Hence, the odds of a hung parliament/Labour victory have increased. Labour victory would also increase the odds of a softer Brexit. Hence, caution is advised. 

GBP/JPY Technical Levels

Key support levels are 140.09 (Mar 31 high), 138.81 (200-DMA), 138.55 (76.4% Fib R of Apr low - May high). The key resistance levels are 140.38 (61.8% Fib R of Apr low - May high), 140.72 (June 6 low), 141.38 (100-DMA).