Lot happened over the weekend. On Friday, British Prime Minister secured a deal with his 27 European Union counterparts that he could sell to British public and his cabinet and urging them to vote for stay within reformed Europe.

Deal, despite some compromise, especially regarding immigration benefits, which would be curbed over new comers, not on current millions, working in Britain, Mr. Cameron could broadly secured Britain's special status within the Union. Britain will be exempted from European Union's founding motto for an ever closer union, unnecessary laws and bureaucracies would be reduced, London will have its special status, dodging over some of EU regulations and migrant benefits would be reduced.

Major setback was, Mr. Cameron under pressure from East European countries, namely Poland and Czech Republic had to compromise over Migrant benefits. UK would be able to curb benefits for migrant workers for four years, operable over a seven year period. It was a setback from an outright curb in benefits, originally sought.

He was also forced to compromise on his promise to stop exporting child benefits claimed by migrant workers. Index linked payments to the living standards of the child's residing country will not be activated until, 2020.

On Saturday, Mr. Cameron announced referendum would be held in June 23rd. He also announced that he with his heart and soul, will be urging British voters to stay. He also said Britain will be safer and better off in EU. With the deal UK could have best of both worlds.

Pound faced heavy swings, since Friday. It was up as much as 140 pips since announcement to trade as high as 1.44 against Dollar on Friday, however, it opened down 140 pips on Monday, erasing all the gains post-deal.

Under our new Briferendum series, we would be covering in and outs of British referendum.