UK referedum update: Down to the wire, Remain not as strong as thought

The market is presently still behaving as if the Leave camp will win, judging by the massive falls seen in Cable off highs, following the Sunderland shocker, which has been then followed by other surprises in favour of the Leave.

Despite some big cities such as Glasgow or Liverpool have voted for Remain and London is expected to see a big win for Remain, the rest of the country has shown an obvious pattern in which Leave has consistently performed better vs what was expected. The surprises by the Leave camp have been more notable than those achieved by the Remain. That is a major clue.

That alone suggest that the risk of a Brexit are very realistic. At the moment, as we enter the 2-4GMT timeframe, busiest time for results, expect moves in the Sterling to be more volatile as projections continue to swing on a council-by-council basis.