Citi discusses the GBP outlook around the possible different outcome of the Dec-12 UK elections.

"An outright Conservative majority would likely see PM Johnson being able to pass his Brexit deal as the base case outcome before year-end (likely sterling bullish). PM Johnson has indicated that the UK Parliament will be summoned on December 17 if he wins a majority and the Queen's speech – which marks the formal start of a new government – will take place December 19. If it is a different government, then the Queen's speech is expected January. This means that hypothetically, a Brexit deal could pass the House of Commons before Christmas and well before the January 31 deadline. But even the second most likely outcome is likely GBP positive – an economically constrained Labor + Lib-Dem + SNP supply & confidence agreement opens the door to a People’s Vote without No Deal on the ballot paper. A hung parliament on the other hand would likely be GBP bearish but looks highly unlikely if this week’s polling is on the mark," Citi adds.