Investors would be mistaken to assume that the implications of the upcoming Scottish referendum are limited to the U.K., analysts told CNBC.
In a few weeks Scottish citizens will vote on whether they would like to be independent from the United Kingdom. Until recently, a 'no' vote was expected, but a Sunday Times poll published last weekend showed 51 percent of respondents would vote for independence.
Sterling fell 1.3 percent to a 10-month low against the dollar overnight and is down around 3 percent month-to-date.
Read MoreCentral bank challenge for independent Scotland
If Scotland were to divorce the U.K. there could be broad implications for global financial markets, according to Evan Lucas, market strategist at IG.
"So far it's only affected stocks and currencies with exposure to Scotland. However if Scotland were to leave the U.K., all bets are off, and there are plenty of 'what if' scenarios... we simply can't predict how big the fallout would be," said Lucas.
A vote to break away would lead to negotiations on whether Scotland keeps the pound as its currency, threatening the monetary union. Furthermore, the U.K.'s current account deficit would increase substantially if it lost 90 percent of its oil and gas assets, which are Scottish owned.
Read MoreScotland: Do the Ayes have it?