UK Prime Minister David Cameron and his 27 European Union counterparts reached an agreement last Friday that is expected to help Mr. Cameron to convince voters and his cabinet members to vote and to campaign in favor of staying in EU. Mr. Cameron has pledged his heart and soul to convince voters to vote to stay. Referendum will be held on 23rd June, this year.

Despite the deal, market remains skeptical and fearful over referendum outcome as some of the cabinet ministers, six to be precise, including minister of Justice have joined to campaign for a British exit from the Union. Influential London mayor, Boris Johnson has also pledged his support to the exit camp. According to the group, the deal was a practical nonsense and has failed to earn Britain any special status in the union.

Their attacking points are -

• This new agreement not only fails to give Britain any special status, it assets that the terms of agreements conform to the existing treaties.

• Immigration benefits curb, that has been key central element of the debate at home and with 27 members, can last for four years, once activated and maximum up to seven years. Moreover, Britain will have to apply to the commission before activating.

• Britain will keep the Pound, not join Euro and will stay out of Schengen area but all these are not new.

• Moreover, Prime Minister Cameron in the deal has agreed to not to impede Euro area reforms in future.

• Regarding safeguarding London, the deal is saying that Britain need to agree to submit a single regulations for all credit and financial institutions within single market.

With such view over the deal, expect, Boris Johnson, Gang of Six and UK independence party to campaign hard for an exit.

While equity markets have shrugged of Brexit fear with FTSE up for second week, Pound has fallen victim with massive decline from Friday's close. Pound is currently trading at 1.41 against Dollar.