June 24 2016

June 23, 2016 (Allthingsforex.com) – The people of the United Kingdom have decided to leave the European Union in a vote that has rattled the global markets and has sent the pound sterling crashing to its lowest level in three decades.

With only 5 of 382 local authorities left to declare results, BBC, ITV and Sky are projecting a win for the “leave” camp. In the meantime, the UKIP leader Nigel Farage has already declared “independence day.”

At the time of this writing, the live results showed 52% voted to leave the EU, while the remain vote was at 48%. With the exception of London, every other region voted to leave.

The GBP has witnessed a real roller coaster ride today- falling from highs a little above $1.50, when the polls closed, to as low as $1.3227 when it became apparent that Brexit will become a reality.

Global markets reacted negatively to the outcome of today’s historic vote and will be likely to continue to mull over its consequences in upcoming trading sessions.

The Bank of England has been reported to be in close contact with other central banks in an effort to manage the fallout from today’s vote.