It touched US$1.2709, the weakest level since April.
Results from Newcastle Central, Sunderland South and Sunderland Central show a swing towards the Conservatives despite Labour winning these safe seats.
Former Chancellor George Osborne, who was sacked by Conservative leader Theresa May past year, said if the pollsters are right, it would be "completely catastrophic" for the Tories.
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"Has May's great gamble failed?"
"I haven't seen a share of the vote projection, I'd assume from the numbers we have, we would also have the largest share of the vote".
The impact on the markets are notable.
What is a hung parliament? It resulted in another election that was won by the Conservatives, with a much increased majority.
"But now forecasts have changed.and so a (Conservative) majority might not be out of the question". "A hung parliament throws open all kind of doubts, uncertainty and indecision over the looming challenge of Brexit". In 2010 David Cameron formed a coalition government with the Lib Dems. That, again, could be a minority or coalition administration.
If there is a hung parliament the consequences will be chaotic.
"We certainly, certainly can not rule out the possibility that the Conservatives will still have an overall majority", Curtice told BBC TV.
Labour leader Jeremy Corbyn has released a last plea for votes on election day. If they can not do so, the Prime Minister will resign.
May's Tories had been hoping to build on their small majority in the House of Commons, where they hold 330 of 650 seats. GBP/USD falls to 1.27, EUR/GBP jumps to 0.88.
Labour closing gap in opinion polls after 'wobbly week' for Tories
I'm thinking that last time Labour was in government they left a note at the Chancellor's office saying "We've no money left"'. The Prime Minister promised further investment and a new Mental Health Act to end workplace discrimination.
You can see below how the last election's exit result matched with the final results.
Britain's Opposition Labour Party is leading with 250 seats and the Conservative Party has 230.
Britain's election is providing another night of political shock and surprise.
The final United Kingdom election exit poll has stunned the country. Among the biggest issues for markets and the economy are whether Britain manages to get a deal to remain part of the European Union single market or, short of that, negotiate some privileged access to the bloc, the country's biggest trading partner.
Labour's manifesto had given a "radical vision for a fairer Britain", he said after an exit poll suggested Labour had performed better than expected.
What is clear is that voters are not taken by the Conservative's approach to Brexit.
At the start of the campaign a landslide of Labour losses had been predicted, weakening Corbyn's role as leader.
The pound has also rallied a little.
The exit poll predicted the Conservatives will get 314 seats and the Labour Party 266, leaving both short of the 326 needed for a majority. "The initial market reaction could be to sell the Pound, but the medium term implications would be more bullish".
Once again, it seems as if the British public has chose to surprise everyone.
"If this result plays out, Corbyn has defied all expectations and denied Theresa May a majority".
If, however, Labour loses a lot of seats to the Tories in its traditional working class heartlands, then the party's "moderate" wing, who have kept quiet during the campaign, will be baying for his blood once again and it could be a very ugly autumn for Labour.
No one seems keen on coalition talks at the moment.
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