Pound suffers heavy swings and setback as results from counting areas has started appearing and so far the "Leave" camp is leading. However, it is far too early to conclude the result.

There are 382 counting areas and so far only 5 have declared results, which means there are a lot to chew before it can be concluded. “Leave” camp was largely expected to lead in the early counting and that is exactly what is happening.

So far nationally, “Leave” camp is at 50.5 percent, while “Remain” camp is at 49.5 percent. It was the Sunderland result that spooked the market. In Sunderland, 61.3 percent of the voters voted in favor of going out and only 38.7 percent in favor of staying. It was widely expected that Sunderland, where a majority of the residents are older people will vote for “Leave” but the margin was astonishing. Sunderland vote could be seen as a protest against austerity, for which it has suffered more compared to many others.

The pound has suffered drop to trade as low as 1.428, however currently trading at 1.454 against the dollar.