It's been the smaller parties that have lost out so far as results come in

As Mike pointed out earlier, May's Conservatives have made early gains in the locals, and although their main opposition (Labour) have lost seats to her party, it's been the Lib Dems and UKIP that look to be suffering the most.

So far it's all coming up trumps for May and that's given sterling it's bid this morning.

Unfortunately the rest of the results are going to be a long drawn out affair as they will be coming all through the day.

The Telegraph has a handy guide to the numbers and times the other results will be out in England.

So as you can see, between 13.00-16.00 GMT is when most of the results will be coming,, and that could make the European close interesting. If May continues this run then the pound could see gains as the rest of the results come out, and then we could see some profit taking soon after. The real moves (and the bigger price risk) will come if she doesn't do as well as expected.