The pound jumps after exit poll predicts big Johnson win in UK election

The pound shot up after an exit poll by British broadcasters predicted that Prime Minister Boris Johnson would sweep to victory in the UK election.

Sterling jumped 2.1% to $1.34 at 5:05 p.m. ET. It also rose 1.7% against the euro.

The currency had been rising steadily in recent weeks as traders bet on a Johnson win. A solid majority in parliament would allow the Conservative leader to take the country out of the European Union by January 31 — removing some of the Brexit uncertainty that has hung over businesses and the economy for more than three years.

This is a developing story. It will be updated.