The pound was recently down 0.8% against the greenback at $1.3093. It was also down 0.6% against the euro, buying €1.1785, though over the past half hour, it appears to have bounced off its lows as traders adjust their positioning before 'go-time'.

The first polls are expected at 10 pm London Time, and are expected to provide a first look at the results of what could be a closely fought election. The last batch of polls famously suggested that a hung Parliament - one where no party wins a majority - remains within the margin of error. Still, the currency has rallied sharply since September and is up 10% from a low below $1.20 reached in early September.

As traders try to make sense of the early exit polls, the FT reminds us that, for markets, the most important area to focus on is Labour's "red wall" in the north and center of England.