Pound Slumps After 'remain' Loses Lead In Early Results

The pound erased its earlier gain and tumbled to $1.4464 after the latest local results in the U.K. EU referendum overwhelmingly pointed in favor of a Brexit. Sterling traded as high as $1.5022 earlier in the evening after the first results backed a "remain" vote. However, after the results from Sunderland showed a stronger-than-expected lead for the "leave" camp, the U.K. currency went tumbling. According to Sky News' result tracker, the "in" side is now behind at 49.5% versus 50.5% for the Brexiteers.