Analysts say the pound could plummet to US$1.20 on Friday if a snap UK election on Thursday results in a hung parliament, Bloomberg reports.

Should Theresa May’s conservative party win a large majority, however, the pound could rally to US$1.31, according to median estimates from a Bloomberg survey. A smaller majority win would likely lead to a wait-and-see approach from traders, ahead of Brexit negotiations.

The least likely outcome, a Labour party win, would hurt the pound in the near term, but opens the door for a “soft” Brexit and a government spending boost, which could both be beneficial in the long term.