The British currency takes a nosedive as television network ITV says there is an 85 percent probability of a win for the ‘Leave’ campaign in the UK’s Thursday referendum on Britain’s future membership in the European Union (EU).
Based on the EU referendum results so far, analysis by ITV News suggests an 85% probability of a ‘Leave’ vote based on ‘Leave’ performing better than expected in key seats, said the broadcaster.
Also, as more results pour in, the state-run broadcaster, BBC, is now predicting a victory for the ‘Leave’ camp.
Meanwhile, British pound has tumbled to a 31-year low as EU vote results show the ‘Leave’ side in lead by over 400,000 votes after 244 of 382 counting centers report results.
The UK currency dropped in value to $1.3463 on Friday as uncertainty over the vote’s outcome has kept world currency markets on the edge.
As polls closed Thursday night in the historic vote, counting began immediately afterwards.
Supporters of the ‘Leave’ vote are already jubilant as results show a lead for them.
UK Independence Party leader Nigel Farage was among the first to assume a celebratory tone, saying the country was taking its independence back.
“I now dare to dream that the dawn is coming up on an independent United Kingdom,” he said on Twitter, hours after coming close to conceding defeat.
As Friday’s vote counting continued overnight, the “Leave” side led with 50.9 percent of votes with “remain” trailing on 49.1 percent.
The “Leave” side has become the betting favorite for the first time in the British referendum campaign on whether to leave the 28-nation European Union.
Still, the results from the British referendum on European Union membership are still far from complete to allow solid conclusions.
Early results continue to show a growing momentum for the ‘Leave’ party.
The UK vote has already drawn varying reactions from leaders across the world, with many EU and US officials urging Britons to stay in the bloc, while others have warned of the repercussions of remaining in the union.
Those in favor of remaining in the bloc argue that leaving it would risk the UK’s prosperity, diminish its influence over world affairs, and result in trade barriers between the UK and the EU.
On the spectrum, Britons who favor withdrawal believe that outside the bloc, the UK would be better off in conducting its own trade negotiations, better able to control immigration and free from what they believe to be excessive EU regulations and bureaucracy.
Final results of the so-called Brexit referendum are expected in several hours.