Pound Drops as London Mayor Boris Johnson Backs ‘Brexit’ From EU

Britain’s pound currency plunged in value against the dollar Monday after mop-haired London Mayor Boris Johnson dramatically defected to the campaign for Britain to leave the European Union.

The high-profile announcement dealt a serious blow to Prime Minister David Cameron ahead of the June 23 referendum that could see Britain vote to exit the trading bloc.

It was followed by a string of similar announcements by other senior ministers in Cameron’s Conservative government, adding to fears that a so-called “Brexit” is now a real risk.

“I think there is genuine worry that Britain might vote to leave and the uncertainty is going to rise into the referendum,” Alvin Tan, a strategist with French bank Societe Generale in London, told Reuters.

http://www.nbcnews.com/news/world/pound-drops-london-mayor-boris-johnson-backs-brexit-eu-n523376

The British pound just suffered an incredible reversal

 On Tuesday, the British currency rose to $1.5820, its highest level against the dollar since late June. The rally came as investors sold dollars on diminishing expectations the Federal Reserve would raise interest rates for the first time since 2006 at its September policy meeting.

http://www.marketwatch.com/story/the-british-pound-suffers-an-incredible-reversal-this-week-2015-08-27?siteid=yhoof2