Sterling stomped lower after jumping to 2016 high
by Sara Sjolin and Carla Mozee
The British pound was shoved to its lowest since 1985 against the dollar Friday, thrown on a major roller-coaster ride as it appeared the U.K. was headed toward breaking up with the European Union.
Sterling GBPUSD, -9.9704% was trading at $1.3466, a 9.5% slide from $1.4871 late Thursday in New York as Brexit referendum results from counting areas across the U.K. rolled in.
Broadcasters BBC and ITV in the early hours of Friday morning forecast that the “leave” campaign won the referendum, putting the U.K. on track to sever its ties with the bloc it’s been a member of since 1973.
Late Thursday, the pound soared to a fresh 2016 high of $1.5022 after the last opinion polls and first local results pointed to a victory for the “stay” campaign.