British Pound sterling is suffering heavy swings and setbacks as “Leave” camp is doing much better than expected. It has already recorded the biggest intraday swing ever. The pound has already swung 1000 pips intraday, making lows around 1.4 area.

Latest announcement has been the City of London and the results were as expected. 75 percent of the people voted in favor to remain inside the Union, while 25 percent wanted it out. Results have started coming out faster. After 30 areas counted “Leave” camp has secured a decisive lead of 6 percentage points over the “Remain” and currently at 53 percent.

According to Betfair, betting market odds have shifted sharply and now favors the “Leave”. Yesterday odds were favoring remain by as much as 86 percent.

Global market is suffering high volatility, not to mention the pound.

S&P 500 is down more than 1.5 percent, trading at 2088, still up from day’s low around 2058. The pound is currently trading at 1.45 after bottoming just below 1.4 against the dollar.